India and Saudi Arabia business opportunities in 2024

Discover business opportunities for Saudi companies in India. Know the business collaboration and partnership between India and Saudi Arabia.

India and Saudi Arabia, the two biggest economies in their respective regions, have embarked on a close diplomatic and business relationship in recent years. Rising trade and investment, business partnerships, and strategic cooperation characterize the growing bond between the two countries.
With the progressive relationship between the two countries, the Indian Prime Minister (PM) Narendra Modi said, “For India, Saudi Arabia is one of its most important strategic partners … we have identified several initiatives to take our partnership to the next level.” It was the opening line of Modi’s speech in a bilateral meeting in New Delhi on September 11, 2023, when Saudi Arabia Crown Prince Mohammed bin Salman Al Saud visited India for three days.
Today, New Delhi and Riyadh collectively work towards their common vision for economic growth and development alongside strategic defense and security partnerships. Being G20 members, India and Saudi Arabia often held bilateral talks as a sideline meeting at the G20 leaders’ summits. At the G20 summit in September 2023, Saudi Crown Prince Salman visited India and signed various Memorandum of Understanding (MoUs) to boost bilateral trade and business cooperation. Also, the summit laid the foundation for the India-Middle East-Europe Corridor to promote economic cooperation and inter-regional connectivity.
With the closer ties economically between the two countries, the blog explores numerous business opportunities for Saudi companies aiming to expand their business in India or set up a remote team in India. It explains several avenues for Saudi businesses to collaborate and partner across various sectors in India.