Mumbai, November 13 (IANS). A total of 85 per cent of Indian businesses view Saudi Arabia as an attractive destination for trade and investment amid global uncertainties. This information was given in a report on Thursday.
Additionally, 78 percent of Indian businesses are planning to increase their investments in Saudi Arabia in the next 6 months, according to an HSBC report. This represents the highest level of commitment of any market outside the Middle East.
Indian business leaders have strong intentions to increase trade and investment in Saudi Arabia. This is in line with Saudi Arabia’s Vision 2030, which aims to create attractive growth opportunities while becoming a strong, stable economy.
“Our research shows the growing confidence of international businesses in Saudi Arabia’s economic transformation,” said Selim Kervanci, MENAT CEO of HSBC Bank Middle East.
The report surveyed 4,000 business decision makers who oversee international operations, generating annual revenues of $50 million to $500 million. The report reflects insights into the expanding trade and investment links between Saudi Arabia and 8 major global markets.
Bilateral trade relations between Saudi Arabia and India have progressed rapidly in the last few years. India is Saudi Arabia’s second largest trading partner, while Saudi Arabia is India’s fifth largest trading partner. Bilateral trade between the two countries was recorded at $ 41.88 billion in the financial year 2024-25.
Indian respondents had different opinions regarding doing business in Saudi Arabia. 60 Indian respondents included in the survey cited the growing economy of Saudi Arabia as the reason for this. At the same time, 56 percent of the respondents talked about economic stability and 51 percent of the respondents called Saudi Arabia’s business-friendly policy as an important reason.
HSBC India Banking Head Ajay Sharma said the strategic synergy between Saudi Arabia’s Vision 2030 and India’s Developed India Vision presents many new opportunities for trade and investment.
Indian IT and tech firms are contributing to the digital transformation of Saudi Arabia. Whereas interest in healthcare, logistics, mining, startups is also increasing.
–IANS
SKT/