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Saudi Arabia Encourages Business Owners to Visit India, Expand Investments

Minister of Communications and Information Technology Eng. Abdullah Alswaha meets with officials from Japan on the sidelines of the ministerial digital economy working group of the G20. (Asharq Al-Awsat)
Minister of Communications and Information Technology Eng. Abdullah Alswaha meets with officials from Japan on the sidelines of the ministerial digital economy working group of the G20. (Asharq Al-Awsat)
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Saudi Arabia Encourages Business Owners to Visit India, Expand Investments

Minister of Communications and Information Technology Eng. Abdullah Alswaha meets with officials from Japan on the sidelines of the ministerial digital economy working group of the G20. (Asharq Al-Awsat)
Minister of Communications and Information Technology Eng. Abdullah Alswaha meets with officials from Japan on the sidelines of the ministerial digital economy working group of the G20. (Asharq Al-Awsat)

Saudi Arabia is mobilizing a group of business owners for an upcoming visit to India, accompanied by a high-level government delegation, to participate in the G20 summit next month.

The volume of trade exchange between the two countries reached $42.8 billion over the past year. Saudi Arabia is India’s fourth largest trading partner after the United States, China and the UAE, and a major source of energy. New Delhi imports about 18.4 percent of its crude oil needs and 22 percent of its liquefied petroleum gas from Riyadh.

According to information available to Asharq Al-Awsat, the Saudi government has encouraged private sector entities to attend the Saudi-Indian Investment Forum, which is scheduled to be held on Sept. 11.

The forum will review investment partnerships between the two countries and will witness bilateral meetings and the signing of a number of economic agreements.

Saudi ministers are currently participating in the ministerial meetings of the G20 in India, ahead of the presidential summit that will be held next month, with the participation of all leaders and presidents of the group.

Finance Minister Mohammad Al-Jadaan, accompanied by Minister of Health Fahad Al-Jalajel, recently participated in a joint meeting of finance and health ministers of the G20 countries.

Minister of Communications and Information Technology Eng. Abdullah Alswaha headed a delegation representing the digital economy, innovation and space system in the Kingdom to participate in the meeting of the G20 Ministerial Working Group on the Digital Economy.

CEO of SABIC Abdulrahman bin Saleh Al-Fageeh will lead the Kingdom’s business delegation to the upcoming G20 Business 20 summit, which will be held in New Delhi, on Aug. 25-27.

Al-Fageeh stated that the event is an important opportunity for the business community in the Kingdom, underlining the need to address critical global challenges shaping the future of business and economies.

He also stressed the importance of communicating with business leaders from all over the world in order to highlight the business environment in the Kingdom as a promising investment destination.

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Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
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Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN

A drive by Türkiye 's government to modernize the country's tax system will seek to boost revenue by tackling tax avoidance and scrapping incentives that are no longer needed rather than raising the overall burden, the finance minister said on Monday.

Mehmet Simsek said, however, that preliminary draft proposals being discussed within the government envisioned a minimum 15% corporate tax on multinational companies, confirming a report last month by state-owned Anadolu Agency.

According to Reuters, he did not give further details about the proposal. At present, multinational companies face varying levies depending on numerous factors.

Speaking to local broadcaster BloombergHT, Simsek said the government's plans - which would need to be approved by parliament - also included raising the corporate tax on public-private partnerships (PPPs) to 30% from 25% at present.

Simsek, who has spearheaded a year-long policy-tightening program to tackle soaring inflation, said in Monday's interview that the tax plan being discussed by government officials was in the early stages and could be subject to changes before being presented to parliament.

He said there were no plans to introduce a transaction tax on the purchase and sale of stocks, but the government could propose taxes on stock market gains sometime in the future.

Earlier this month, an economy official said Türkiye had almost finalized work on imposing a transaction tax on the purchase and sale of stocks and crypto assets.
The plans are part of broader efforts to boost government savings, fiscal discipline and price stability after years of turmoil that fueled soaring inflation.

As part of the tightening program, the central bank has aggressively hiked interest rates to 50% from 8.5% since June last year. Annual inflation hit 75% in May but was expected to have dipped in June.