S Arabia to open Investment Facilitation centre in India

Dubai, Sept 12: Piyush Goyal, the Union Minister for Commerce on Sunday announced that officials from Gujarat International Finance Tec (GIFT) City will be sent to Saudi Arabia to facilitate the establishment of an Investment and Trade Promotion Office in Riyadh. Piyush Goyal said, “Gujarat International Finance Tec (GIFT) City official will be sent to Saudi Arabia. Officials from FICCI, Invest India and Commerce Ministery will open an Investment and trade promotion office situated in Riyadh.” This landmark initiative involves collaboration among key organizations, including the Federation of Indian Chambers of Commerce and Industry (FICCI), Invest India, and the Ministry of Commerce and Industry. Together, they will work to set up this office, which is poised to play a pivotal role in fostering investment and trade relations between the two nations. Speaking at the India-Saudi Investment Forum, Goyal expressed his optimism about the future of economic cooperation between India and Saudi Arabia. He emphasized India’s commitment to expanding its global reach and facilitating international investments, with a special focus on the Middle East. In a reciprocal gesture, Khalid Al Falih, the Minister of Investment of the Kingdom of Saudi Arabia, declared Saudi Arabia’s intent to establish an office in India to facilitate investments. He revealed that Saudi officials would visit GIFT City in the coming weeks to assess the feasibility of establishing a sovereign fund office, which could potentially be located in Mumbai, Delhi, or GIFT City. Khalid Al Falih, Minister of Investment of the Kingdom of Saudi Arabia said, “Saudi Arabia will open an office in India for investment facilitation. We will be working in the next few weeks to send our officials to GIFT City to see the feasibility of opening a sovereign fund office in Mumbai or Delhi or GIFT City.”