Saudi Arabia sees India as key partner in space sector: Saudi investment minister

PM Modi and the Crown Prince of Saudi Arabia.

Saudi Arabia is eyeing India as a key partner in the space sector, Saudi Investment Minister Khalid bin Abdulaziz Al-Falih has said.

“For India, the sky is the limit is both figurative and literal. The Minister of Space and Telecommunication is eyeing India as a key partner as we initiate our own ambitious space programme,” Al-Falih said, while speaking at the Saudi-India investment forum in New Delhi.

The statement comes weeks after India’s Moon mission Chandrayaan-3 scripted history when it successfully landed on the moon on August 23.

With the Lander accomplishing a ‘soft landing’ on the Moon’s south pole, India became the only country to have ever done so.

Only earlier during the day, Secretary of the Department of Promotion of Industry and Internal Trade (DPIIT), Rajesh Singh announced that the government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players.

Targeting investment from Saudi Arabia, he added, “There is huge scope for Saudi Arabian companies to invest in India in different sectors… Our collaboration can extend technological boost in sectors including artificial intelligence, robotics, cyber security, automation and space, where we are looking to further liberalise our FDI norms.”

Presently, FDI in the space sector is allowed up to 100 percent in the area of satellite establishment and operations through government route only.

The Saudi minister also congratulated both countries on becoming leading G20 economies. “Both countries grew at the fastest rate last year, and continue to do so while most others are worrying about recession,” he said.

Reiterating his confidence in India’s growth, he added, “It is only a matter of time when India will be the third largest (economy) by 2027. In the next decade, I can say, India is going to be at a very lofty place. Not just in terms of the macroeconomic numbers of GDP, but all other factors such as production, technology, innovation, balance of payment, strong fiscal position, trade and other indicators.”

The bilateral trade between the two countries reached $52.8 billion in 2022-23. India's exports stood at $10.7 billion in the last fiscal as against $8.8 billion in 2021-22. The bilateral trade was $43 billion in 2021-22.