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India ready to compete on same level as China, says Saudi businessman at Mumbai forum
India is a vast country. There is a monumental opportunity for it to grow. It has the financial resources, workforce, and all essential components for success
- PUBLISHED: Sat 21 Feb 2026, 7:00 AM UPDATED: Wed 25 Feb 2026, 6:08 PM
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.
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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.”
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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.”
New solutions to a multipolar world
Leaders from governments, multilateral institutions and global corporations discussed financial resilience, long-term infrastructure capital, trade corridors, competitiveness, and supply chain diversification at the event.
Dr Prof Khaled Hanafy, Secretary General of the Union of Arab Chambers, said there is “a great change, and the change is faster than what existing economic models can solve. We cannot keep solving our current and future problems using old models or old visions. We have to address something new.”
The idea is no longer only to be cost-efficient or fast in mass production. According to him, when it comes to Arab countries, “the stereotyping has changed dramatically. We are talking about countries rich in human resources, knowledge, technology, and location, in addition to wealth in some countries.
Arab countries are not homogeneous. We have different segments — some with capital abundance, some with human resources, some with natural resources, and others under construction," he added.
Referring to the India-Middle-Europe Economic Corridor (IMEC), he said it was a nice idea proposed by India, but “we suggest IMEC Plus. That means including other parties for the benefit of India and for the benefit of the Arab countries.
"I suggest another route passing through the Red Sea to Egypt, making Egypt a hub and a gateway to Africa, and also accessing Europe through Greece and later Latin America, where Arab countries already have trade agreements. If we do this, IMEC becomes not just a corridor but a strategic move," Hanafy concluded.
