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.
"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.
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.
"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.
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.
Exuding friendship goodwill— Raveesh Kumar (@MEAIndia) February 20, 2019
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
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, 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.