9NOVEMBER, 2024India and Saudi Arabia are exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles and mining to further boost trade and investment ties, an official statement said on Friday. These areas were discussed during the recent visit of Commerce and Industry Minister Piyush Goyal to Riyadh.He co-chaired the second meeting of the economy and investment committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Saudi Arabia, Abdulaziz bin Salman Al-Saud on October 30 in Riyadh."Both countries are exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining," the commerce and industry ministry said.During the Future Investment Initiative (FII) event, the minister urged global investors to seize emerging opportunities in India, particularly in high-growth sectors such as artificial intelligence, renewable energy, digital infrastructure and advanced manufacturing.India is the second largest trade partner for Saudi Arabia whereas Saudi Arabia is India's fourth largest trading partner.The bilateral trade between the two countries stood at USD 43 billion in 2023-24 against USD 53 billion in 2022-23. Over 2,700 Indian companies are registered as joint ventures/wholly-owned entities, with investments worth about USD 2 billion in the Kingdom.Saudi's direct investments in India amounted to USD 3.22 billion from April 2000 to June 2024. The leading firm in the world specializing in industrial automation and digital transformation, Rockwell Automation (NYSE:ROK), said today that it would be opening a new manufacturing facility in Chennai, India. With room for future growth, the 98,000 square foot building will assist Rockwell in creating a more robust, flexible, and sustainable supply chain in the Asia Pacific area and globally.India is the fifth largest and fastest-growing major economy in the world. The international economy will continue to be greatly impacted by the nation's economic policies, especially in the areas of trade, investment, and innovation. By increasing its production footprint and constructing a new facility in Chennai, Rockwell is making an investment in India. The plant will be situated in the same industrial park as the CUBIC manufacturing site owned by Rockwell, which will assist to optimize supply chain resilience and provide workers with more career prospects.Rockwell Automation's Managing Director for India, Dilip Sawhney, stated, "We chose this location because we can create synergies with our existing CUBIC facility and increase agility and productivity in the region. We are eager to expand our manufacturing operations globally, establish a stronger foothold in India, and improve the prospects for industrial activities in this rapidly expanding market."It is anticipated that the Chennai plant would employ around 230 people by the end of 2025 once it opens in the first part of the year.Concerning Rockwell AutomationGlobal pioneer in digital transformation and industrial automation is Rockwell Automation Inc. (NYSE: ROK). By fusing the power of technology with human creativity, we can increase human potential and contribute to a more sustainable and productive society. With its headquarters located in Milwaukee, Wisconsin, Rockwell Automation has over 29,000 problem solvers working for more than 100 nations. SAUDI ARABIA AND INDIA TO JOINTLY EXPLORE POSSIBILITIES IN NEW SECTORSROCKWELL AUTOMATION ESTABLISHES NEW MANUFACTURING FACILITY TO INCREASE PRESENCE IN INDIA
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