India's FICCI plans Riyadh office, expanding trade with Saudi megaprojects

Riyad: India's leading business federation, the Federation of Indian Chambers of Commerce and Industry (FICCI), is poised to establish its presence in Riyadh following a strategic visit to explore opportunities within Saudi Arabia's ambitious megaprojects.

The recent delegation, comprising top CEOs and government officials, marked FICCI's pioneering foray into Riyadh and the NEOM project site in Tabuk, last week.

This move comes amid the deepening Saudi-Indian relations, bolstered by recent high-level exchanges and collaborative initiatives, including India’s precedency of G20 and the Saudi-India Business Forum held in September 2023.

Highlighting the significance of this initiative, FICCI's Secretary General, S.K. Pathak, revealed plans for the Riyadh office, aimed at fostering enhanced business engagement between Indian enterprises and their Saudi counterparts.

"The forthcoming office in Riyadh will serve as a pivotal platform for facilitating business interactions and fostering closer ties between Indian and Saudi companies," Pathak told Arab News.

Acknowledging the strategic importance of the NEOM project, Pathak highlighted the immense potential for Indian businesses, with inquiries flooding in from interested parties following the delegation's visit.

The NEOM project, with its diverse range of futuristic developments, presents a compelling opportunity for Indian companies to contribute and benefit from its trillion-dollar ecosystem.

Reflecting on the broader economic landscape, Pathak highlighted the substantial growth in Indian companies operating in Saudi Arabia, underpinned by the visionary goals of Saudi Vision 2030.

As India looks ahead to a promising future of collaboration and growth, fueled by mutually beneficial partnerships, the establishment of FICCI's Riyadh office signifies a pivotal step towards deepening bilateral trade and investment ties between the two nations.

Inputs from: Arab News