https://arab.news/nm4sf
- Rajasthan is aiming to double its state GDP to $350 billion in next five years
- State seeks Saudi investment in engineering, food processing, agro-solutions
NEW DELHI: The government of India’s Rajasthan state is seeking Saudi investment in its growing industries, its minister told Arab News on Monday as he leads an official delegation to meet investors and business leaders in the Kingdom.
Rajasthan, India’s largest state by area, is gearing up to host a global investment summit in its capital Jaipur next month as part of the goal to double the state’s gross domestic product to $350 billion in the next five years.
The summit is aimed at attracting international investors and fostering new partnerships in various sectors, including renewable energy, electric vehicles, infrastructure, startups and tourism.
Ahead of the event, the state government has organized a roadshow in Riyadh and Jeddah this week to invite Saudi officials and business players to invest in Rajasthan.
“Saudi Arabia is one of the largest and key economies in the West Asian region that is of immense significance to Rajasthan from the perspective of furthering trade and other partnerships,” Rajasthan’s Minister of State for Industry and Commerce K. K. Vishnoi, told Arab News.
“The sectors that remain our key focus from the perspective of seeking Saudi investment include engineering, machinery and equipment, investment advisory, agro solutions, food processing and FMCG (fast-moving consumer goods) distribution, among others.”
Rajasthan officials are scheduled to meet leading Saudi companies operating in these sectors, and will present the state’s strategic advantages while also offering key incentives to potential investors, he added.
As part of his visit to the Kingdom, Vishnoi held talks on Monday with the Saudi Assistant Minister of Investment Ibrahim Yousef Al-Mubarak, according to a release issued by the state government.
“The delegation will also extend an invitation to the Kingdom of Saudi Arabia to participate in the investment summit as a partner country,” it said.
Saudi Arabia is India’s fifth-largest trading partner, with bilateral trade valued at about $43 billion in the 2023-2024 financial year, accounting for more than 4.5 percent of India’s total trade.