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Businesses in India are increasingly looking to Saudi Arabia to overcome challenges they face in other parts of the world, according to a new report by HSBC.
The survey report revealed that Saudi Arabia is emerging as a key destination for both trade and investment amid ongoing global uncertainty. It stated, "Some 85 per cent of Indian businesses - the most of any market surveyed - see Saudi Arabia as a more attractive destination for trade and investment as a result of global uncertainty." HSBC's survey covered 4,000 international business decision-makers across nine major markets. It has been found that businesses globally now view Saudi Arabia as a more attractive destination for trade and investment due to the current global situation. The companies are mainly interested in opportunities in technology and infrastructure, similar to companies in other regions. Overall, the report highlighted strong global interest in the Kingdom. Eight out of 10 international businesses plan to increase their trade and investment in Saudi Arabia over the next five years. More than 60 per cent expect to do so in the next six months, showing high confidence in the near future. One of the biggest reasons for this growing interest is Saudi Arabia's economic strength. The survey data highlighted that among Middle East respondents, 59 per cent said the country's economic stability is a major benefit. HSBC economists expect Saudi Arabia's GDP to grow by around 4 per cent in 2025. The non-oil sector has been especially strong, supported by the government's Vision 2030 plan. According to the report, Kingdom's non-oil economy has grown by more than 40 per cent from before the pandemic. The report also noted that many global businesses see Saudi Arabia as less affected by recent trade volatility. 71 per cent of business leaders said global trade uncertainty is making them more likely to invest in or trade with the Kingdom. Overall, the report findings highlighted that Saudi Arabia is strengthening its position as a stable and attractive market, especially for Indian companies looking for reliable growth opportunities at a time of rising global risks. (ANI)
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