In September 2023, it was announced that Saudi Arabia may be exploring the possibility of establishing an office for its sovereign wealth fund in India.
A sovereign wealth fund is a state-owned investment fund. It’s a big pool of money owned by a government and usually funded by revenues from things like oil or other natural resources.
The government invests this money to make it grow over time. Sovereign wealth funds can invest in various assets to help a country prosper and provide a financial cushion during tough times.
So, this would be aimed at facilitating investments as part of the efforts of Saudi Arabia and India to double bilateral trade to $100 billion in the coming years.
Saudi Arabia and India were said to have launched the Startup Bridge at an investment summit in New Delhi in September 2023.This program is said to have been initiated by India’s Commerce and Industry Ministry, Invest India and the Federation of Indian Chambers of Commerce and Industry. It is said to aim to promote entrepreneurship and nurture startup ecosystems in both countries.
The Startup Bridge initiative is said to establish an investment and trade promotion office in Riyadh, Saudi Arabia to facilitate collaboration between Indian and Saudi startups. It is said to offer entrepreneurs access to critical resources, mentorship from experienced investors and support for expansion into each other’s markets.
