Riyadh – As part of engagements under the ongoing Indian G20 presidency, a delegation led by CII and YoungIndia visited Riyadh from May 09-12. This visit came as a prelude outreach activity for the Young Entrepreneurs Alliance (YEA) Meet scheduled to happen next month.
The delegation was hosted by the HRH Prince Fahad bin Mansour bin Nasser bin Abdulaziz Al Saud, the President of the Saudi G20 Young Entrepreneurs Alliance (YEA). During the visit, the delegation had intense engagements with prominent Saudi government authorities including PIF, ARAMCO, SABIC, Ministry of Investment, Monsha’at, Ministry of Communication and IT, STC and MISK.
Both sides deliberated on avenues to connect the fast growing entrepreneurial and startup sectors of both the nations. India is well recognised as an IT hub of the world and has developed more than 100 unicorns and 80K startups in the last few years. Saudi Arabia has also witnessed transformational changes with rapid digitisation and fast emerging IT industries.
On May 11, after an exuberant networking session, the delegation was hosted for a gala dinner by HRH Prince Fahad Al Saud. The event was also attended by Ms. Ritu Yadav, Second Secretary, Commerce from the Indian Embassy.
On May 12, the Ambassador of India to Saudi Arabia, Dr. Suhel Ajaz Khan had an interactive discussion with the delegates and shared about the growing India-Saudi bilateral ties. He underscored bilateral economic ties are flourishing and have attained an approach to support entrepreneurs and startups.
India and Saudi Arabia signed the Strategic Partnership Council agreement in 2019. The Strategic Partnership Council is led by Prime Minister’s of both the nations and has steered to partnership to transcend all sectors of cooperation. In the entrepreneurial sector, an MoU had also been signed, last December, between Monshaat and SIDBI to support the SME sector.
A big delegation of around 45 companies had also visited Saudi Arabia to participate in LEAP conference held in February this year.