BHUBANESWAR: ‘The India-Middle East-Europe Economic Corridor’ announced during the recently concluded G20 Summit will be instrumental in stimulating economic growth, creating jobs, and reducing greenhouse gas emissions. It will also be a great opportunity for Indian and Saudi businesses to collaborate and benefit, said FICCI president Subhrakant Panda on Monday.
Speaking at the India-Saudi Arabia Investment Forum held in New Delhi, Panda highlighted India’s rapid economic growth and creating opportunities for domestic and foreign investors. He also commended Saudi Arabia for its ongoing efforts to empower its businesses and increase non-oil exports.
He said Saudi Arabia has set in motion reforms to empower businesses and raise non-oil exports to 50%, besides investing heavily in world-class infrastructure. “Trade increased 23% to 52 billion dollars last year and doubled compared to five years back. FICCI will work with Invest India and other stakeholders to strengthen these relations,” he added.
Union Minister of Commerce and Industry Piyush Goyal and Minister of Investment, Kingdom of Saudi Arabia, Khalid Al Falih were present at the meeting organised by FICCI and discussed bilateral ties.