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Industry Minister Explores Cooperation, Investment Opportunities with Indian Counterpart

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Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef met on Wednesday with Minister of Commerce and Industry of India Piyush Goyal to discuss strengthening industrial cooperation and attracting investments to promising industrial sectors in Saudi Arabia.

The meeting, held on the sidelines of the Future Investment Initiative (FII) Conference’s eighth edition in Riyadh, was attended by Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al-Mudaifer.

During the meeting, Minister Alkhorayef highlighted the Kingdom’s initiatives to enhance its investment environment and competitiveness by updating the investment framework, streamlining business-related government procedures, and offering incentives for foreign investors. He emphasized Saudi Arabia’s strategic assets positioning it as a global investment hub, including its geographic location connecting three continents and key regional and global markets, its natural resources, and advanced infrastructure with econ
omic cities, airports, ports, and a modern, diverse transportation network.

The meeting reviewed ways to encourage the private sectors of both countries to capitalize on available investment opportunities, noting the pivotal role of the Saudi-Indian Business Council in fostering partnerships between private sector leaders in Saudi Arabia and India, thereby facilitating mutual investment opportunities across all economic sectors.

The two sides also discussed enhancing cooperation in promising industrial sectors, such as textiles, pharmaceuticals, petrochemicals, automotive, and engineering, while exploring specific opportunities within the mining sector. They reviewed the enablers and incentives offered by the industry and mining systems for investors in both countries.

Source: Saudi Press Agency

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