Dec 6, 2018
Saudi Arabia is looking to invest in the Indian food sector, predominantly in packaging, storage and transportation sector, as India is one of the largest exporters of food grains and vegetables to the desert kingdom.
This will have a mutual benefit for both the countries as India faces 30 per cent wastage in the Indian farm sector due to bottlenecks in storage, packaging and transportation, and investment by Saudi Arabia would benefit both the countries.
Projecting a 10 per cent increase in bilateral trade between the two countries this fiscal (2018-19) from $27.5 billion last fiscal (2017-18), Saudi’s ambassador to India Saud bin Mohammed Al-Sati, said there was immense scope to boost it further by investing in agriculture, chemicals, fertilizers and tourism.
Calling upon India Inc. to explore business opportunities in his country, the envoy told the Karnataka members of the Confederation of Indian Industry (CII) apex body to invest in the education and IT sectors to benefit the 3 million Indian expats in the kingdom.
As relations between the two countries were robust and vibrant, there is huge potential to expand the cooperation in unexplored areas. India can be a strong partner in Saudi Arabia’s expansion process.