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Home / News / India News / Saudi sees $100bn-worth investment opportunities in India: Mohammed bin Salman
India

Saudi sees $100bn-worth investment opportunities in India: Mohammed bin Salman

Saudi sees $100bn-worth investment opportunities in India: Mohammed bin Salman
Written by Ramya Patelkhana
Feb 20, 2019, 09:12 pm 3 min read
Saudi sees $100bn-worth investment opportunities in India: Mohammed bin Salman

Saudi Arabia's Crown Prince Mohammed bin Salman, who is in India on a two-day visit, said he sees $100bn-worth investment opportunities for his country in various sectors in India over the next few years. While addressing a press conference with PM Narendra Modi, he said Saudi benefitted from investing $44bn in India since 2016 when PM Modi visited the Middle Eastern country. Here's more.

Quote
Investments beneficial for both India and Saudi Arabia: Crown Prince

"We believe that the (investment) opportunities in India are worth more than $100 billion. Together we want to make these investments beneficial for both India and Saudi Arabia," Crown Prince Mohammed bin Salman said.

Details
India is strong in the IT sector: Saudi Crown Prince

Mohammed bin Salman said they want to diversify investments in areas like petrochemicals and storage. He also said Saudi, taking a leaf out of India's book, invested in Information Technology following PM Modi's 2016 visit. "We know India is strong in the IT sector and we have invested a lot in Saudi Arabia in the IT sector and have benefitted from it," he said.

Quote
'Investments will help benefit the Indians in Saudi Arabia'

"We want to make the relations between India and Saudi Arabia beneficial for both countries. These investments will help benefit the Indians in Saudi Arabia and the Saudi people who are working in India," Mohammed bin Salman said.

India-Saudi relationship
PM Modi on relationship between India and Saudi Arabia

PM Modi said India and Saudi Arabia have a "longstanding relationship". He added that in the 21st century, Saudi has become one of the most important strategic partners of India and a close friend as well. "Saudi Arabia is one of India's most valuable strategic partners. Our relations have grown stronger. I welcome Saudi investment in Indian infrastructure," PM Modi said.

Twitter Post
PM Modi's visit transformed India-Saudi ties: MEA spokesperson Raveesh Kumar

Exuding friendship goodwill

PM @narendramodi warmly welcomes HRH Prince Mohammed bin Salman, Crown Prince of #SaudiArabia ahead of talks. PM @narendramodi visit to Saudi Arabia in 2016 qualitatively transformed the relationship between the countries. pic.twitter.com/kiS8yEAsUe

— Raveesh Kumar (@MEAIndia) February 20, 2019
MoUs
India and Saudi Arabia exchanged MoUs after talks

Following the talks between Mohammed bin Salman and PM Modi, India and Saudi exchanged memorandums of understanding (MoUs). "The relationship between India and Saudi Arabia is over thousands of years old. It is even older than history, and this relationship has grown stronger in the last 50 years. Our objectives are similar be it in energy, agriculture or technology," the Saudi Crown Prince said.

Saudi Aramco
India is an investment priority: Saudi Aramco CEO

Saudi Aramco, Saudi Arabia's national petroleum and natural gas company, on Wednesday said making investments in India is a priority, adding it expects the oil demand of the country to increase to 8.2mn barrels per day by 2040. "India is an investment priority for Saudi Aramco," said Amin Nasser, CEO of the Saudi petroleum and natural gas giant, at a panel discussion in Delhi.

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Ramya Patelkhana
Ramya Patelkhana
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Ramya Patelkhana is a senior editor at NewsBytes. She has nearly seven years of experience in digital journalism and has previously worked with India News and Authint Media. She has a Bachelor's degree in Journalism and Mass Communication from the IK Gujral Punjab Technical University, Kapurthala, and an advanced diploma in Media Studies from IPW, New Delhi.
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