More Indian businesses see Saudi Arabia as their favoured market for trade and investment amid global volatility, an HSBC survey found. The survey queried some 4k international business leaders across Asia, MENA, Europe, and the Americas. Almost 85% of Indian firms — the highest across all nine markets surveyed — said geopolitical and supply-chain uncertainty is pushing them to expand into the kingdom. Tech and infrastructure are at the top of the list of sectors piquing their interest.

Eight in 10 global firms plan to raise Saudi-linked trade and investment over the next five years, with more than 60% expecting to do so within six months. Survey respondents like the Kingdom’s economic prospects, with HSBC forecasting 4% GDP growth in 2025. The non-oil economy is now over 40% larger than it was before the global pandemic, the bank notes.

Saudi chambers scouting for India investment

MEANWHILE- Saudi Arabia sent a 50-member investor delegation to New Delhi, Mumbai and Visakhapatnam last week, holding sectoral roundtables to deepen two-way investment under the kingdom’s Vision 2030, ArabNews reports.

Automotive, technology, food processing, and infrastructure were all in play during the visit, organized by the Federation of Saudi Chambers.

The Saudi delegation participated in joint events with India’s foremost industry associations, including the Federation of Indian Chambers of Commerce and Industry as well as the Confederation of Indian Industry. Meanwhile, joint sessions between Saudi and Indian firms covered EV supply chains, startup investment, and industrial collaboration, concluding with an MoU for manufacturing sugar and feed production lines.

Tags: