SME Times News Bureau | 26 Nov, 2018
Economic Diplomacy (ED) Division of Ministry of External Affairs and Trade
Promotion Council of India (TPCI) is taking a trade delegation to Riyadh, on
November 27-28, 2018.
objective is to explore possible contracts and investment opportunities in the
USD 500 billion futuristic mega city Projects being developed in Saudi Arabia,
said the Commerce Ministry on Monday.
delegation is being headed by Additional Secretary in the Ministry of External
Affairs, Manoj Bharti.
the two-day visit, the industry representatives will interact with key decision
makers of the Saudi Government and industry.
infrastructure projects are part of the Kingdom’s initiative to expand their
economy through major structural changes by developing mega projects like NEOM,
new roads and railroads, airports and sea ports, development of Qiddiya
entertainment city and Red Sea Tourism Project.
an aim to generate alternate sources of wealth and reduce dependence on
oil-based economy, Gulf Cooperation Council (GCC) countries and Saudi Arabia in
particular, are investing heavily in infrastructure development.
projects coming up in Saudi Arabia are part of ‘Vision 2030’, launched by the
Kingdom,in order to shift from an oil-based economy to an industrial
manufacturing-based productive economy.
Vision 2030 is expected to open up new opportunities for Indian companies and
professionals in various sectors like railways, hospitality, tourism, airport,
housing, IT and entertainment.
Arabian General Investment Authority has recently issued more than 400 licenses
to Indian firms. There is also scope for Indian companies to partner in the
high speed 450-km railway line linking Mecca and Medina and construction of an
airport in Jeddah.
investments in Saudi Arabia is worth USD 1.5 billion and Saudi Arabia has
invested USD16 million in India.