Food-for-Oil With Saudi

Khalid A. Al-Falih and Piyush Goyal

Food-for-Oil With Saudi

Goyal Invites Investments in Food Processing, Pharma

India can contribute to NEOM City and Saudi investors may look at GIFT City, Union Minister Piyush Goyal said.

NEW DELHI, Dep 11 (The CONNECT) – India could provide food security to Saudi Arabia in exchange of energy, oil and fertilisers, Union Minister of Commerce and Industry, Food and Public Distribution and Textiles Piyush Goyal today said.

This could ensure a balanced trade between the two rapidly growing economies, Goyal said interacting with the Minister of Investment, Saudi Arabia, Khalid A. Al-Falih.

Referring to NEOM City being created by Saudi Arabia with the concept of 100% clean energy, the Indian Minister said India could contribute here significantly in areas like designing, construction, manning and developing business around.

He said that Saudi Arabia’s investments into India’s processing industry can be a great driver of agriculture and food security. Similarly, the pharma sector has immense potential. Those living in Saudi should have easier access to Indian medicines which will also encourage Indian Pharma companies to invest in Saudi Arabia.

Goyal said in Amrit Kaal India aspires to grow at an unprecedented scale.

He said the $52 billion trade between the two countries could be doubled. In this regard, the Union Minister invited the Saudi investors to visit Gujarat International Finance-Tech City and thereafter, bring investment.

He said that the investors would appreciate India’s regulatory mechanism has been simplified. Also, there’s only one regulator for all regulations. Besides, India has brought about tax rebates and made it seamless to move funds in and out of the GIFT city.

Goyal suggested that the Federation of Indian Chambers of Commerce & Industry (FICCI) along with the Government of India and Invest India may open an office of Investment and Trade Promotion in Riyadh, Saudi Arabia.

He emphasized that the GoI officials along with representatives from FICCI will encourage startups.

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