India Ready To Compete On Same Level As China, Says Saudi Businessman At Mumbai Forum

2026-02-20 11:25:03

(MENAFN- Khaleej Times) With financial resources and vast workforce, India is fully prepared to compete on the same level as China, but there must be stronger support for SMEs (small and medium enterprises)“to ensure a healthy national economy,” a Saudi businessman said at the recently concluded Global Economic Cooperation 2026 meeting in Mumbai.

“India is a vast country. There is a monumental opportunity for it to grow even further than it already has,” said Ali Abdulla Ahmed Al Amoudi, principal and co-founder of Al Almoudi Holdings based in Saudi Arabia. He was one of the panel speakers at the event organised by the Indian Ministry of External Affairs.

Recommended For You

Al Amoudi noted:“India possesses the necessary know-how and its people truly understand how to execute large-scale ambitions. India has the knowledge, the financial resources, the workforce, and all the essential components for success. We look forward to seeing India's continued ascent as it reaches a global standing similar to China.”

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

The Saudi businessman also pointed out that SMEs play a vital role, but they require specific support to contribute to infrastructure and the broader economy.

Reduce interest rates

“Specifically, financial institutions and banks must support these smaller companies with low-interest margins,” said Al Amodi, noting:“I was surprised to learn that some SMEs in India are being charged interest rates as high as 15 to 18 per cent. Such high rates hinder growth and prevent these companies from participating in infrastructure development.

“To ensure a healthy national economy, we must be careful to lend to both nations and SMEs at a low margin to maintain stability. We should take it upon ourselves-as individuals and corporations-to prioritise the support of the SME market across nations,” he underscored.

Al Amoudi also pointed the strong bilateral and economic relations between India and Saudi Arabia. He said:“We often consider India to be our second home, just as we believe the Gulf is a second home for the Indian people.

“We have a deep-seated belief in the Indian economy and its people. This is a reciprocal relationship; many Indians work in the Gulf and support our economy, while we, in turn, are increasingly investing in India. When Gulf nations look at infrastructure investment, our primary mandates are to maximise returns and reduce risk,” he added.

Long-term partnerships

Al Amodi said that while the Gulf had a long history of joint ventures with India,“our current focus has shifted towards long-term partnerships, particularly in infrastructure. In the past, Gulf countries primarily invested in foreign nations, but recently there has been significant internal investment-Dubai and the UAE, for example, have invested hundreds of billions into their own infrastructure.”

The Gulf is now at a stage where it is exporting its experience and technical "know-how" to other nations.“We no longer view ourselves strictly as investors, but as partners,” he said.

“Today, capital is not the primary challenge; money is available in many countries. The real challenge is having the expertise and knowing with whom to invest. These alliances must be based on mutual economic interests rather than political benefits.”

According to Al Amodi, infrastructure is no longer an option, but is a mandatory requirement for global economic stability.“We must recognise that our individual nations are part of a global whole; if we do not invest in the airports and hospitals of other countries, we will have no one to trade with in the future.”