Source: Economic Times

Saudi businessmen have a good opportunity to invest in India’s vital infrastructure sectors including oil, gas and petrochemicals under the new government’s ‘Make In India’ initiative, a top Indian diplomat here has said.

The campaign launched by Prime Minister Narendra Modi in September aims at eliminating unnecessary laws and regulations, making bureaucratic procedures easier and shorter thus leading to a transparent, responsive and accountable government, B S Mubarak, Indian Consul General in Jeddah said.

It provides a good opportunity for the Saudi businessmen to invest in vital sectors of India like automobiles, aviation, construction, electronic systems, IT, food processing, oil and gas and petrochemicals, he said, while addressing Saudi businessmen and entrepreneurs here.

“The Indian government accentuate upon the framework which include the time-bound project clearances through a single online portal which will be further aided by the eight-member team dedicated to answering investor queries within 48 hours and addressing key issues including labour laws, skill development and infrastructure,” he said.

Mubarak added that foreign investments are also sought in biotechnology, defense manufacturing, electrical machinery, media and entertainment, mining, pharmaceuticals, ports, railways, renewable energy, roads and highways, space, textile garments, thermal power, tourism and hospitality.

“Saudi Arabia is India’s 4th largest trading partner with bilateral trade crossing USD 43 billion during 2012-13. It is also the largest supplier of crude oil to India, accounting for one-fifth of total oil imports,” the consul general was quoted as saying by Arab News.

“This reflects the fact that both countries are developing a broad strategic vision where they are determined to work together closely for the welfare and benefit of their citizens while maintaining peace and stability,” he added.