Saudi Crown Prince Sees $100-Billion Investment Opportunity In India
Oil-rich Saudi Arabia sees a $100-billion investment opportunity in India in various sectors, said visiting Crown Prince Mohammed Bin Salman.
Addressing the media along with Prime Minister Narendra Modi, the crown prince said Saudi Arabia has invested $44 billion in India since the visit of Modi in 2016 to the Gulf nation. “We want to strengthen investment and economic ties to ensure useful returns for both countries,” he said.
He also lauded India’s strength in the information technology and said Saudi Arabia, too, was investing a lot in the sector.
Saudi Arabia has invested in India in petrochemicals and diversifying into other sectors, the prince said.
“We want to increase cooperation with India as it will give a new direction to our relationship,” he said.
TS Tirumurti, secretary (economic relations) in the Ministry of External Affairs, however, said there was no timeline when the investments would be made.
The crown prince arrived in India for a less than 30-hour visit on Tuesday night, a day after concluding his high-profile tour of Pakistan where he said dialogue was the only way to resolve “outstanding issues” between India and Pakistan.
In a special gesture, Modi received Salman at the airport, signifying the importance India attaches to the visit by the leader of the Gulf nation.