Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Eng. Khalid Al-Faleh, currently on an official visit to India, met here today with Indian Minister of Trade and Industry Shri Surach Brabua. During the meeting, the two sides discussed the great role assigned to the Saudi Indian Business Council to deepen economic cooperation between the two countries and provide support for all efforts aiming to increase Saudi Indian investments in joint projects. Al-Faleh said Saudi Arabia strongly encourages Indian companies to do business in Saudi Arabia, citing the incentives and facilities offered for foreign investors to enter into economic partnerships, saying that Indian companies could see promising opportunities in a number of fields. He said investment in King Salman City for Energy, King Abdullah Economic city and Jazan economic city is still open. He said his current visit is to renew call on Indian businessmen to visit the Kingdom and choose among a variety of offers, in what enhances localization of industry and increase of domestic content according to the Kingdom's visition 2030, particularly in the fields of oil, gas, petrochemicals, power generation, transfer and distribution and building of smart networks. He also called on the Indian minister to visit the Jubail and Yanbu economic cities to discuss promising opportunities and possible investments in the Kingdom. He said India will have great chances for investment in the Kingdom, particularly entering giant economic partnerships with their Saudi counterparts, confirming the Kingdom's readiness to export Aluminum and raw Bauxite to India. He spoke about the possibility of diversifying the aspects of cooperation between the two countries through forming strategic partnerships between the two countries in the fields of rubber industry, spare parts, energy, water desalination,vehicles industry, petrochemicals and final products, confirming the importance of more custom facilities which encourage investments between the two countries to establish a market base that supports the two countries' economy.
