Saudi eyes strategic partnership with India in industry, mining
Saudi Arabia's Vision 2030 opens promising horizons for expanding the strategic partnership between the kingdom and India in the industrial and mining sectors, thus paving the way for a bright future filled with promising joint opportunities, said the kingdom's industry and mineral resources ministry.
Bandar Alkhorayef was speaking at a roundtable meeting held in Mumbai, in cooperation with the Confederation of Indian Industry (CII), and with the participation of major Indian industrial and mining companies.
He said this comes amid strong bilateral relations and full support from the leadership of both countries.
Alkhorayef emphasized the significant efforts of the Saudi-Indian Business Council to enhance bilateral economic relations and foster successful investment partnerships.
"When I review our ambitions in the mining and industrial sectors and see the capabilities present here in India, I see a great synergy that makes co-operation between us very feasible," he stated.
"For example, in the automotive sector, we focus on localizing this industry, as the kingdom is the largest importer, with our imports reaching nearly 700,000 cars last year, and we expect this number to exceed 1 million cars soon," said the minister.
According to him, the kingdom had licensed three car manufacturing companies, aiming to produce 300,000 vehicles annually by 2030. This requires a robust supply chain and the development of a competitive automotive industry.
In the field of pharmaceuticals and biotechnology, Alkhorayef said the kingdom was keen to boost co-operation with Indian companies to benefit from the opportunities available in this vital sector.
"Our aim is to encourage companies to produce high-value petrochemicals, creating significant opportunities for Saudi-Indian cooperation in this sector," he noted.
"Previously, we focused on energy security," said the minister, "But now mineral security is paramount. Early collaboration will allow us to understand India's mineral needs," he added.
Alkhorayef pointed out that the kingdom was offering various capabilities and incentives to the investors in bid to woo them.
These include developed industrial lands, ready-made factories, and easy financing loans that reach up to 75% of the cost of an industrial project, he added. -TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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