During the State Visit of the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud, to India, a significant India-Saudi Arabia Investment Forum 2023 was convened in New Delhi. This event, organized by the Department for Promotion of Industry and Internal Trade under the Ministry of Commerce and Industry of India, in collaboration with the Saudi Ministry of Investment, marked a crucial milestone in the bilateral relationship between the two nations.

The forum garnered participation from over 500 companies hailing from both India and Saudi Arabia. It served as the inaugural formal investment symposium between the two countries, building upon the Saudi Crown Prince's previous commitment to invest approximately $100 billion across diverse sectors of the Indian economy.

The Ministerial Session of the India-Saudi Investment Forum 2023 was jointly chaired by Shri Piyush Goyal, the Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles from India, and H.E. Mr. Khalid A. Al Falih, the Minister of Investment from the Kingdom of Saudi Arabia. In their collaborative address to the business community, the two ministers explored avenues for expanding bilateral cooperation across various sectors, encompassing start-ups, digital infrastructure development, closer collaboration between the business and investor ecosystems of both nations and the establishment of investment promotion offices.

The discussions also touched upon encouraging Saudi Sovereign Wealth Funds to consider direct investments in India, in addition to ongoing investments through funds. The ministers deliberated on the swift realization of partnership opportunities identified under the Committee on Economy and Investments of the Strategic Partnership Council. Furthermore, potential investment collaborations were outlined in domains such as food processing, logistics and infrastructure, healthcare, renewable energy, skill development, space, ICT, and digital startups.

In his welcome remarks at the forum, Shri Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade, emphasized the significance of the bilateral relationship and underscored the mutual benefits of enhancing economic and cultural ties between India and Saudi Arabia.