India-Saudi Arabia Joint Statement during the State Visit of His Royal Highness the Crown Prince of Saudi Arabia to India 3 New Delhi
Taking note of the positive trend in the bilateral trade over the recent years, the two sides acknowledged the huge untapped potential available in the merchandise trade, particularly in the non-oil trade. The two sides appreciated the positive deliberations held during the 12th session of the India-Saudi Joint Commission Meeting held in Riyadh in February 2018, for enhancing cooperation in economic, commercial, investment, cultural and technological fields.
The two sides stressed the importance of increasing trade volume between the two countries, and eliminating export barriers.
The two sides agreed on further deepening trade and investment cooperation between the two countries by aligning the Kingdom's Vision 2030 and its 13 Vision Realization Programs with India's flagship initiatives of "Make in India", "Start Up India", "Smart Cities", "Clean India", and "Digital India". The Saudi side expressed its readiness to attract Indian private/public sector investments and expertise, in the upcoming mega projects in Saudi Arabia. The two sides acknowledged positive transformation of economies of India and Saudi Arabia.
Both sides welcomed the key initiatives taken by both Governments to improve the ease of doing business, simplify and rationalize existing rules and relax the foreign direct investment norms in key areas.
Both sides welcomed the positive change in investment climate after the signing of the Framework Cooperation Agreement between the Saudi Arabian General Investment Authority (SAGIA) and Invest India during Prime Minister Modi's visit to Riyadh in 2016. The two sides urged the business communities to utilize the investment opportunities in both countries, especially in the fields of infrastructure, mining, energy including renewables, food security and technology transfer, and to further consolidate cooperation in the areas of skilled human resources in information technology, electronics and telecommunications.
Recognizing the availability of sophisticated infrastructure and logistical services in the Kingdom's industrial cities and ports, His Royal Highness welcomed investments by Indian companies in the Kingdom for domestic and regional market access.
Source: Saudi Press Agency