Indian Business Delegation Explores Trillion-Dollar Opportunities in NEOM for Saudi's Vision 2030
|A delegation of chief executives from India's renowned business organization, the Federation of Indian Chambers of Commerce and Industry (FICCI), has embarked on a visit to NEOM in Saudi Arabia to explore potential areas of cooperation under the ambitious Vision 2030 plan.
Led by FICCI President Dr. Anish Shah, this delegation comprises representatives from both the private and government sectors, demonstrating the strong interest of Indian companies in tapping into the vast possibilities offered by Saudi megaprojects, particularly the multibillion-dollar NEOM smart city.
Speaking to Arab News, FICCI Secretary General S.K. Pathak mentioned, "As the first Indian delegation to NEOM, comprising both private and government representatives, our members were seeking business opportunities for Indian companies. We anticipate that many business deals will result from this visit to NEOM."
Last year, Saudi-Indian relations received a significant boost during India's presidency of the G20 and the state visit of Saudi Crown Prince Mohammed bin Salman in September. During this visit, officials signed an accord aimed at strengthening mutual investment between the two countries.
The FICCI delegation, currently in Saudi Arabia from Feb. 18 to 21, has already engaged in fruitful discussions with several Saudi ministers, including Investment Minister Khalid Al-Falih, Energy Minister Prince Abdulaziz bin Salman, as well as members of the Saudi-India Business Forum.
"On Feb. 19, the FICCI CEOs delegation met with senior ministers and large businesses in Riyadh. The Saudi-India Business Forum was highly productive for CEOs from both sides. Now, we will leverage the warm ties between our countries and delve into specific projects, investment opportunities, and trade partnerships," Pathak explained.
He further highlighted that there are already plans for strategic collaborations in five key sectors: infrastructure, construction, energy, tourism, and mobility. Progress in these areas is expected in the near future.
Regarding NEOM, Pathak emphasized the presence of "trillion-dollar opportunities" within the ongoing projects of this cutting-edge city.
During their visit, the delegation had the opportunity to meet with NEOM leaders, including those responsible for prominent projects such as The Line linear smart city, the floating Oxagon city, the futuristic Torjena ski resort, TONOMUS, the world's first ecosystem of cognitive technologies, and ENOWA, which spearheads the development of NEOM's sustainable energy and water systems.
"We had discussions with NEOM leaders representing all of the above-mentioned projects. FICCI and NEOM will maintain regular communication for specific projects," Pathak confirmed.
With the top-level ties between Indian Prime Minister Narendra Modi and Crown Prince Mohammed bin Salman paving the way for increased people-to-people and business-to-business interactions, FICCI envisions a promising future over the next decade.
The ongoing collaboration efforts between India and Saudi Arabia indicate a shared commitment to fostering economic growth, innovation, and mutually beneficial partnerships to propel both nations forward.