The first India Saudi Arabia Investment Forum meeting was held in New Delhi on 11 September 2023. It brought together policy makers, businessmen of both the countries and over 50 Memoranda of Understanding (MoUs) and agreements were signed for cooperation in the field of Information and Communication Technology (ICT), entrepreneurship ,chemicals,energy and advanced manufacturing.
The meeting was a follow up to Saudi Arabia’s Crown Prince and Prime Minister Salman visit to India in 2019 where he announced that Saudi Arabia will invest around $100 billion in India .
The investment forum meeting was organised by the Department for Promotion of Industry and Internal Trade (DPIIT) ,Union Ministry of Commerce and Industry and the Saudi Ministry of Investment.
The Investment forum meeting was held along with the Ministerial Session of the India-Saudi Investment Forum 2023 . The Ministerial meeting was co-chaired by the Union Minister of Commerce and Industry Piyush Goyal and the Minister of Investment, Kingdom of Saudi Arabia, Khalid A. Al Falih.
The India–Saudi Investment Forum took place following the successful conclusion of the 18th G20 Leaders Meeting in New Delhi , and on the sidelines of an official state visit by Saudi Crown Prince Mohammed bin Salman.
At the G20 Leaders Meeting, the India-Middle East-Europe Economic Corridor was announced, which involves collaboration between the US, India, Saudi Arabia, UAE, France, Germany, Italy, and the EU.
India and Saudi Arabia enjoy a cordial and friendly relationship . To strengthen the relations, both countries agreed to set up a high Strategic Partnership Council during prime minister Narendra Modi's visit to Saudi Arabia in 2019.
Saudi Arabia is the 4th largest trading partner of India . The total trade between the two countries in 2022-23 was USD 52.72 billion.
Saudi Arabia is the third largest supplier of crude petroleum oil to India after Russia and Iraq.
According to the Ministry of External Affairs there are around 2.2 million Indians working in Saudi Arabia. The Indian community is the largest expatriate community in Saudi Arabia .
King of Saudi Arabia Salman bin Abdulaziz
Currency of Saudi Arabia :Saudi Riyal
Capital of Saudi Arabia : Riyadh