Saudi Gazette report

RIYADH — Saudi Minister of Investment Khalid Al-Falih said on Monday that Saudi Arabia and India will launch a special space program.

The minister said that the Saudi Public Investment Fund (PIF) would open an office in India to facilitate the pumping and exchange of investments.

“Saudi Arabia will consider setting up an office of its sovereign wealth fund in India’s Gujarat International Finance Tec-City (GIFT). “I match your offer and commit today to opening an office,” Al-Falih said after India’s Minister of Commerce and Industry Piyush Goyal invited Saudi Arabia to set up an office in GIFT City.

GIFT City is India’s tax-neutral financial services center. Goyal also said he will suggest that his ministry starts an investment promotion office in Riyadh.

More than 1000 business leaders and investors from India and Saudi Arabia attended the India - Saudi Investment Forum held on Monday on the sidelines of the official visit of Crown Prince and Prime Minister Mohammed bin Salman to India.

Addressing the forum, Badr Al-Badr, deputy Saudi minister of investment for investment outreach, said that Saudi Arabia and India have signed a bilateral agreement to further bolster the investment climate in both countries. There is a robust growth in the trade ties between Saudi Arabia and India, the minister said while urging Indian businessmen and investors to pump investments in the Kingdom.

Around 50 agreements have been signed between India and Saudi Arabia, most of which are memorandums of understanding towards the exchange of experiences in a wide range of sectors. The agreements are valued at about $3.5 billion