Saudi Arabia is exploring collaboration opportunities with India’s largest business conglomerate Tata Group in multiple sectors, including military, aviation, and electronics, reports Arab News.
According to a Saudi Press Agency report, the kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, met officials of the group’s affiliates, Tata Aerospace and Defence, Tata Electronics, and Tata Steel, where he discussed co-operation avenues.
During the meeting, the Saudi minister outlined the economic diversification goals of the Vision 2030 programme and highlighted investment opportunities in the country’s industrial sector.
The Indian conglomerate’s affiliate Tata Motors is already operating in Saudi Arabia, with the automobile manufacturer celebrating its 30th anniversary in the kingdom in November.
India and Saudi Arabia share a strong trade and bilateral relationship, and according to the latest report by the General Authority for Statistics, India was the second favourite destination for the kingdom’s non-oil exports in November, with outbound shipments to the Asian nation amounting to 2.52 billion riyals ($670 million) – a rise of 19.43 per cent compared to the previous month.
During the meeting with Alkhorayef, Sukaran Singh, CEO of Tata Advanced Systems, showcased the company’s products, including military aircraft and vehicles.
He also highlighted the firm’s expertise in designing, building, and operating military factories.
TV Narendran, CEO of Tata Steel, showcased the company’s expertise in exporting materials in the construction, automotive, and supply chain sectors across various international markets.
SPA added that Tata Electronics and Saudi Arabia’s National Industrial Development Centre also discussed potential collaboration opportunities to foster the development of the semiconductor industry within the kingdom.
Alkhorayef’s visit to India had already seen a new deal prior to the latest meeting, with the countries agreeing to strengthen co-operation in the critical minerals sector on February 4.
The Saudi official and Indian Minister of Coal and Mines G Kishan Reddy discussed building a resilient mineral supply chain to reduce import dependency and promoting joint ventures in the critical minerals sector to support the energy transition journey.
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