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India s Economy Will Improve, Our Investment Plans There On Track: Saudi Arabia
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Our investment plans in India on track, Indian economy has strength to bounce back: Saudi Arabia
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Saudi Arabia, the world s largest oil exporter, on Sunday said its investment plans in India are on track, noting that the Indian economy has the strength to recover from the adverse impact of the coronavirus crisis. In February last year, Saudi Crown Prince Mohammed bin Salman announced that Saudi Arabia would invest over USD 100 billion in India in petrochemicals, refining, infrastructure, mining and manufacturing, agriculture and several other sectors. Our plans to invest in India are on track and we are in discussion to prioritise investment opportunities in several sectors in both countries, Saudi Ambassador Dr Saud bin Mohammed Al Sati told PTI in an interview.
Indian economy has strength to bounce back, investment plans on track: Saudi
Saudi Crown Prince Mohammed bin Salman
(AFP)
. Updated: 20 Dec 2020, 09:08 PM IST PTI
In February last year, Saudi Crown Prince announced that Saudi Arabia would invest over USD 100 billion in India
Saudi ambassador identified ongoing cooperation in areas of training, knowledge sharing and combating terrorism as key elements of the partnership in defence and security sphere
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Saudi Arabia, the world s largest oil exporter, on Sunday said its investment plans in India are on track, noting that the Indian economy has the strength to recover from the adverse impact of the coronavirus crisis.
Bring on the reforms
Transformation in business set up and labour reforms was on top of the UAE and Gulf agenda in 2020. The Labour Reform Initiative (LRI) brought into action in Saudi Arabia under the National Transformation Program (NTP) has swung the focus back to shared services. This initiative has not only set a strong precedent for the future of workers in the Kingdom, but also carved a structured model for businesses looking to hire personnel.
Similarly, there were two landmark moves in the UAE. Allowing foreign investors to own local companies without the need for an Emirati sponsor will open doors for more FDI and greater business opportunities.
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