Heralding a new dawn

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India and Saudi Arabia are poised to dramatically deepen the bilateral relationship

In April 2016, under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Crown Prince Mohammed bin Salman, the Kingdom of Saudi Arabia gave itself a goal and a promise in the form of Vision 2030.
The Saudi citizen has become the focal point for sustainable development with massive projects directed towards building a vibrant society, a thriving economy and an ambitious nation.
The entire foundation of our Kingdom’s economy is being transformed towards a post-oil age with the aim of attracting $427 billion in private investments over the next decade to diversify the economy and create 1.6 million new jobs through the National Industrial Development and Logistics Programme.

Powered by reforms

Business

According to World Bank’s ‘Doing Business 2018’ report, Saudi Arabia has instituted the largest number of business reforms among countries in the Middle East and North Africa (MENA) region as of July 2017.
The single-window platform Fasah has also been launched for customs clearance and import and export procedures.
The ‘Doing Business 2019’ report has ranked Saudi Arabia as the fourth-largest reformer within the G20.
Global confidence in Saudi Arabia’s ascent has further solidified with the International Monetary Fund forecasting increased growth for Saudi Arabia in July 2018.

Construction and Intellectual Property

The Kingdom’s construction market is set to touch $96.52 billion in 2025, up from $45.33 billion in 2016.
The Saudi Intellectual Property Authority is also working towards transforming Saudi Arabia into an advanced knowledge-based economy built on innovation and entrepreneurship.

Educational Reforms

Since a majority of the Kingdom’s population is below the age of 30, education is a key component of Vision 2030.
Over the decades, Saudi Arabia’s education system has gone through an astonishing transformation.
Education reforms have also led to an increase in women’s literacy and participation in the workforce.

Saudi and Positive Influence

With the Kingdom at the heart of the Arab and Islamic world, the changes taking place on the Saudi soil are creating positive influences for the entire Arab region.
Saudi Arabia remains committed to the social, economic and political stability of the region and will continue playing a leading role in countering terrorism and establishing peace as demonstrated by the Kingdom’s contribution towards the historic peace accord signed between Ethiopia and Eritrea in Riyadh in 2018.

Common Pursuit:India and Saudi Arabia

In common pursuit for development and stability, Saudi Arabia sees India as an important partner.
Our ties trace their roots to the third millennium BC. Trade, science, arts, literature, languages — the exchanges between our civilisations have indeed been profound.
Nearly 3 million Indians form the largest expatriate community in the Kingdom.
India and Saudi Arabia have more opportunities today to tap into than ever before.
The bilateral trade for 2017-18, in excess of $27 billion, will accelerate as Saudi Arabia and India engage in a host of new areas such as information and communications technology (ICT), health care, defence, biotechnology, education and infrastructure among others.
India is one of the top countries on the Kingdom’s preferred list with great potential for investment in organic and food processing industries.

Expanding cooperation

The energy partnership between the two countries is also finding new grounds.
Crown Prince Mohammed bin Salman met Prime Minister Narendra Modi in November 2018 on the sidelines of the G20 summit and both sides agreed to set up a high-level mechanism to boost concrete actions in terms of investment, technology and manufacturing across various sectors.

Conclusion

As formidable economies of MENA and Asia, Saudi Arabia and India have a historic opportunity to collaborate in shaping the future of our regions, for a better tomorrow full of prosperity and promise.
Combining our respective strengths will pave the way for endless possibilities and accomplishments for the benefit of our two peoples and the region.
The forthcoming state visit of the Crown Prince to India presents another historic opportunity to expand collaboration between our two friendly nations.