The government is looking to further relax foreign direct investment (FDI) norms in the space sector to attract overseas players, Rajesh Singh, secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), said.
“There is a huge scope for Saudi Arabian companies to invest in India in different sectors such as aviation, pharma, bulk drugs, renewable energy, food processing and agri-tech as well,” he said at the India-Saudi Arabia investment forum here.
The collaboration can extend to technological boost such as in artificial intelligence, robotics, cyber security, automation and space, where we are looking to further liberalise our FDI norms, he added.
At present, FDI in the space sector is allowed up to 100 per cent in the area of satellite establishment and operations through the government route only.
Speaking at the event, Badr AlBadr, deputy minister of investors outreach, ministry of investment, Saudi Arabia, said that the ministry and Invest India have signed a bilateral agreement to strengthen investment ties between the two countries.
