India's Ambassador to Saudi Arabia, Suhel Ajaz Khan, met with Saudi Arabia's Minister of Investment, Khaild Al Falih, and held wide-ranging discussions in the ambit of the investment sector and reflected on the opportunities for growth and integration in this area.

Sharing the details in a post on X, the Indian Embassy in Riyadh said on Sunday, "Ambassador Dr. Suhel Khan met with H.E. Eng. Khalid Al-Falih, Minister of Investment @MISA, today.

The discussions focused on enhancing mutual investments and bilateral collaborations between India and the Kingdom of Saudi Arabia. The Ambassador also conveyed gratitude for the support extended to various Indian companies establishing their presence in KSA."

Saudi Ministry of Investment wrote on X, "His Excellency @Khalid_AlFalih received at the ministry's headquarters today the Ambassador of the Republic of India to the Kingdom, Dr. Suhel Ajaz Khan. During the meeting, they discussed topics of mutual interest in the investment sector, opportunities for growth and integration in investment relations, and pathways for strategic cooperation between the Kingdom and India."

India and the Kingdom of Saudi Arabia enjoy close, friendly relations reflecting the centuries-old economic and socio-cultural ties.

The Strategic Partnership Council (SPC) between the two countries has two sub-committees - a Committee on Political, Security, Social and Cultural Cooperation, and a Committee on Economy and Investments.

The MEA in a brief noted India is the second largest trade partner of Saudi Arabia, whereas Saudi Arabia is the fourth largest trading partner of India. During FY23, bilateral trade was valued at $52.76 billion. During this period, India's imports from Saudi Arabia grew by 23.47% to reach $42.03 billion, and exports to Saudi Arabia were worth $10.72 billion, registering an increase of 22.48% on yoy basis. Total trade with Saudi Arabia accounted for 4.53% of India's total trade in FY 2022-23

It further mentioned that Saudi direct investments in India amount to US$ 3.15 billion (March 2022). Major Saudi investment groups include ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group. Additionally, PIF has also has invested approximately US$4.6 billion in many Indian Start-ups through SoftBank's Vision Fund.

Source - Business Standard