A delegation led by CII and YoungIndia visited Riyadh from May 09–12 as part of activities under the ongoing Indian G20 presidency. The tour served as a prelude leading up to the Young Entrepreneurs Alliance (YEA) Meet, scheduled to take place next month.
The Saudi G20 Young Entrepreneurs Alliance (YEA) President, Fahad bin Mansour bin Nasser bin Abdulaziz Al Saud, hosted the delegation. The Indian delegation had extensive interactions during their tour with key Saudi government officials of ARAMCO (Arabian American Oil Company), SABIC (Saudi Basic Industries Corporation), the Ministry of Investment, Monsha'at, the Ministry of Communication and IT, STC (Saudi Telecommunication Company), and MISK.
Both parties discussed ways to link their countries' rapidly expanding startup and entrepreneurial industries. India is recognized as the world's IT hub which has produced more than 100 unicorn firms and 80,000 new businesses in the past few years. Rapid digitalization and the emergence of the IT industry have brought about dramatic developments in Saudi Arabia as well.
The agreement for the Strategic Partnership Council was signed in 2019 by Saudi Arabia and India. Leaders of both countries oversee the Strategic Partnership Council, which has guided the collaboration to extend to all spheres of cooperation. An MoU between Monsha’at and SIDBI (Small Industries Development Bank of India) was also struck in the entrepreneurial sector last December to boost the MSME sector.