Jeddah — In a significant move to bolster economic ties between India and Saudi Arabia, the Consulate General of India in Jeddah hosted the inaugural ‘India-Saudi Arabia Investment Connect’ at the illustrious Lazurde Hall, Park Hyatt Jeddah. The one-day event served as a dynamic platform, unveiling myriad opportunities for trade and investment, and spotlighting the untapped potential within both burgeoning economies.
His Excellency Fahad Ahmed Khan Suri, the Consul General of India in Jeddah, set an enthusiastic tone as he welcomed distinguished guests from across the business spectrum. Emphasizing the event’s pivotal role, he remarked, “Strengthening our bilateral economic and commercial ties isn’t just beneficial—it’s essential for the prosperity of both nations.”
Delivering a compelling virtual keynote, Ambassador of India to the Kingdom of Saudi Arabia, His Excellency Dr. Suhel Ajaz Khan, highlighted the transformative journey of India’s economy. “The scale of India’s transformation will shape the future,” he asserted. “Deepening our partnership with Saudi Arabia is a win-win for both nations. India’s private sector has already realized this latent potential, investing over USD 3 billion in recent years. And this is only the beginning.”
Echoing this sentiment, Ahmed Al-Juraiyan, Central Office Director at the Ministry of Investments for Saudi Arabia (MISA) and the event’s Guest of Honour, underscored the immense collaborative potential. “The opportunities for Indian investors in Saudi Arabia are vast and varied,” he noted. “Our visions align, and together, we can pioneer a new era of economic growth.”
Adding depth to the discourse, Ambassador Dr. Jaimini Bhagwati, a seasoned economist and Distinguished Fellow at the Centre for Social & Economic Progress in New Delhi, delivered an insightful address on the “India Growth Story.” Drawing from his extensive experience at the World Bank and expertise in financial sectors, he made a compelling case for investing in India from a macroeconomic perspective. “India isn’t just a market—it’s a movement,” Dr. Bhagwati enthused. “Investing now means being part of a transformative journey set to redefine global economic landscapes.”
The event featured a series of expert presentations delving into critical facets of the investment ecosystem:
- Ms. Manusmriti, Counsellor (Economic and Commerce) at the Embassy of India in Riyadh, provided a comprehensive overview of the burgeoning India-Saudi Arabia economic partnership.
- Badri Narayanan and Mr. Lakshmikumaran from Lakshmikumaran and Sridharan Attorneys elucidated the legal and tax regulatory frameworks, simplifying the complexities of Foreign Direct Investment (FDI) mechanisms into India.
- Vaibhav Kakkar from Saraf and Partners Law Offices highlighted sector-specific opportunities, emphasizing sectors like technology, infrastructure, and renewable energy.
- Neeraj Agarwal from Apex Invest showcased exclusive investment avenues in GIFT City, India’s burgeoning financial and tech hub.
- Discussions on India’s vibrant startup ecosystem shed light on innovative ventures poised to disrupt global markets.
Sharing tangible success stories, industry leaders like Kalyana Shivagnanam, Group CEO of Petromin; Balakrishnan, CFO of Abdul Latif Jameel Motors; and Puneet Kataria, Head of Real Estate at Gulf Islamic Investment, narrated their positive experiences and the lucrative outcomes of investing in India. Their testimonies reinforced India’s position as a fertile ground for profitable investments.
A highlight of the conference was the engaging panel discussion on “Mechanics of Investing in India—Decoding the Indian Investment Ecosystem.” Moderated by Awaiz Patni, Group CFO of Saudi Bugshan Company, the panel featured insights from:
- Soham Avlani and Mr. Raghav Bahl of Promaft Partners, who shared strategies on navigating India’s dynamic market.
- L. Badri Narayanan, who delved into risk mitigation and operational efficiencies.
They collectively emphasized India’s conducive environment for foreign investments, addressing challenges head-on and offering pragmatic solutions.
Adding an innovative twist, emerging startups from India pitched their groundbreaking ideas, captivating potential investors with visions set to shape the future across various industries.
The event garnered significant attention, with prominent Saudi businessmen, financial advisors, and friends of India in attendance. Their active participation signified a mutual eagerness to explore and expand economic horizons.
Paving the Path Forward
The ‘India-Saudi Arabia Investment Connect’ isn’t just an event—it’s a catalyst for a deeper, more robust economic alliance. As India’s economy continues its rapid ascent, driven by technological innovation and a youthful workforce, Saudi Arabia’s Vision 2030 complements this trajectory with its focus on diversification and sustainable growth.
For investors, this convergence presents a unique opportunity:
- Strategic Partnerships: Leveraging the strengths of both nations can lead to groundbreaking ventures in sectors like renewable energy, technology, and infrastructure.
- Market Expansion: Access to India’s vast consumer base and Saudi Arabia’s strategic position in the Middle East opens doors to unprecedented market reach.
- Innovation Exchange: Collaborative efforts in startups and tech industries can foster innovation, leading to solutions that have global impact.
The Consulate General of India in Jeddah reaffirms its commitment to facilitating these synergies, planning a series of initiatives aimed at sustaining momentum and translating dialogue into action.
A New Chapter in Bilateral Relations
This event signifies more than economic opportunity; it represents the strengthening of a friendship rooted in shared values and mutual respect. As both nations stride confidently into the future, their partnership stands as a testament to what collaborative vision can achieve.
For those eager to be part of this transformative journey, the time is now. The foundations have been laid, the pathways charted—all that remains is to step forward and seize the moment.
