Chairman of Saudi Arabian startup group for Group 20, Prince Fahad Bin Mansour has expressed hope for manifold growth in trade with India after both countries agreed to set up investment facilitation centres or startup bridge to engage startups and youth.

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Under the startup bridge, India's Ministry for Commerce and Industry, Invest India and FICCI will set up an Investment & Trade Promotion office in Riyadh, while Saudi Arabia will open an investment facilitation office in India as well as offer physical and digital space to set up the startup bridge in Riyadh.

53 MoUs worth $3.5 billion between India and Saudi Arabia have been signed in the past 24 hours.

Expressing hope that Indian companies will expand and relocate to Saudi Arabia and vice versa, Mansour said that the initiative can potentially add immense value whose magnitude can't be calculated as of now.

Stating that Small and medium-sized enterprises (SMEs) form 80 percent of businesses in many countries, he told CNBC-TV18 that the mutual trade relationship and prospects for startups and entrepreneurs will be further boosted by the historic India-Middle East-Europe corridor, which he described as "a modern bridge between continents".

Inviting Saudi Arabian sovereign wealth funds to invest in Gujarat's GIFT city, India's Commerce and Industry Minister Piyush Goyal said that the investment facilitation centres will be set up in the next 6 months with full support from the Indian government and will include venture capitalists for funding and guidance. Minister of Investment of Saudi Arabia, Khalid A.

Al Falih termed the India-Middle East-Europe corridor as the equivalent of the silk route and spice road combined for the current millennium. While he stated that the corridor can rebalance global trade in terms of what it will provide for energy connectivity, green materials and processed and finished goods, he refused to give a timeline for its completion.

He said that Saudi Aramco is looking to convert 4 million barrels of oil into advanced green materials globally. He added that Saudi Arabia has a great appetite to invest in India in beyond oil, gas and petrochemicals; as he pointed to opportunities in green energy, technology, manufacturing, telecommunications, defence, food, culture and movies.

First Published:Sept 11, 2023 9:45 PM IST