The India-Middle East-Europe Economic Corridor will boost economic growth region: FICCI President Mr Subhrakant Panda

By A K Sahoo

Bhubaneswar, Sept. 11: “The India-Middle East-Europe Economic Corridor announced during the G20 Summit will be instrumental in stimulating economic growth, creating jobs, and reducing greenhouse gas emissions.

It will be a great opportunity for Indian and Saudi businesses to collaborate and benefit,” said Mr Subhrakant Panda, President of FICCI, while speaking at the India-Saudi Arabia Investment Forum held in New Delhi.

He highlighted India’s rapid economic growth, creating opportunities for domestic and foreign investors. He also commended Saudi Arabia for its ongoing efforts to empower its businesses and increase non-oil exports. “Similarly, Saudi Arabia has set in motion reforms to empower businesses and raise non-oil exports to 50%, besides investing heavily in world-class infrastructure. Trade increased 23% to 52 billion dollars last year and doubled compared to five years ago. FICCI will work with Invest India and other stakeholders to strengthen these relations,” he added.

Mr Piyush Goyal, Union Minister of Commerce, and His Excellency Khalid Al Falih, Industry and Minister of Investment, Kingdom of Saudi Arabia, were present at the Forum and discussed bilateral ties, which have seen trade double in 5 years, as well as cooperation in many areas of mutual interest.

The Forum was organised by FICCI in association with the Department for Promotion of Industry and Internal Trade (DPIIT), the Government of India, and the Ministry of Investment of the Kingdom of Saudi Arabia.