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December 5, 2018

Saudis keen to invest in Indian food sector: Envoy tells Karnataka authorities

Agencies

Bengaluru, Dec 5:  Saudi Arabia was keen to invest in the Indian food sector as India was one of the largest exporters of grains and vegetables to the desert kingdom, its ambassador to India Saud bin Mohammed Al-Sati said on Tuesday.

"We are looking to invest in the Indian food sector, particularly in packaging, storage and transportation, as India is one of the largest exporters of food grains and vegetables to our kingdom," Sati told an interactive session with India Inc here.

In view of the 30 per cent wastage in the Indian farm sector due to bottlenecks in storage, packaging and transportation, the envoy said investment by Saudi Arabia would benefit both the countries.

Projecting a 10 per cent increase in bilateral trade between the two countries this fiscal (2018-19) from $27.5 billion last fiscal (2017-18), Sati said there was immense scope to boost it further by investing in agriculture, chemicals, fertilizers and tourism.

"There is a great potential for tourism as we are reducing our dependency on petroleum oil. We are expecting about 8 lakh Indians to visit our country this year as against 5 lakh last year," said the ambassador.

Calling upon India Inc to explore business opportunities in his country, the envoy told the Karnataka members of the Confederation of Indian Industry (CII) apex body to invest in the education and IT sectors to benefit the 3 million Indian expats in the kingdom.

Hydrolines Chief Executive R.P. Nair said IT, IT-enabled services, pharmaceuticals, life sciences, manufacturing, power, energy, transport and logistics, food processing and beverage, infrastructure and construction, plastics and polymers chemicals and automotive were the key sectors for trade between the two countries.

"As relations between the two countries were robust and vibrant, there is huge potential to expand the cooperation in unexplored areas. India can be a strong partner in Saudi Arabia's expansion process," added Nair.

Earlier, Sati called on Karnataka Chief Minister H.D. Kumaraswamy at the state Secretariat in the city centre along with former Minister and Congress legislator Roshan Baig.

Also Read: Bengaluru to get Saudi Arabian consulate soon

Saudis keen to invest in Indian food sector: Envoy tells Karnataka authorities

Comments

Joseph Stalin - Wednesday, 5 December 2018

Great gift for people. It will help to increase jobs in food packaging, storaging and transporting sections

Unknown - Wednesday, 5 December 2018

Actually we need govt like Saudi . They are really working for people's development and satisfaction. Modi govt such a waste. Working for unwanted issues

Sandeep Ullal - Wednesday, 5 December 2018

Packaging, stiraging fields will improve far better than now. Good news.. Congrats HDK govt. Thank you saudi govt

Ajz - Thursday, 6 December 2018

Acche Din, Karanataka k Liye...

Vinod - Wednesday, 5 December 2018

Such a nice move. HDK doing great things

Reshma kodialbail - Wednesday, 5 December 2018

Indians love arabian foods. Already we adopted many arabian foods than western

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