Based on inputs by Shahid Kazi
Saudi Arabia is looking at investing $100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country’s growth potential. Saudi Arabia is the world’s biggest oil exporter,
Saudi Ambassador Dr Saud bin Mohammed Al Sati said “Saudi Arabia is looking at making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,”.
The envoy added on saying that the the vision 2030 of Crown Prince Mohammed bin Salman will also result in significant expansion of trade and business between India and Saudi Arabia in diverse sectors. “There is huge untapped potential available in merchandise trade, particularly in non-oil trade and we are enhancing cooperation in economic, commercial, investment, cultural and technological fields,” the envoy said.
The envoy said more than 40 opportunities for joint collaboration and investments across various sectors have been identified between India and Saudi Arabia in 2019. He said that he was very sure that current bilateral trade of $34 billion will undoubtedly continue to increase.
On future energy ties with India, envoy said that the bilateral energy ties have grown beyond the supply of crude oil, refined products and LPG to a more comprehensive partnership that focuses on investments and joint ventures in petrochemical complexes and cooperation in exploration.
“India’s invitation to Saudi Arabia to invest in its strategic petroleum reserve reflects the trust and goodwill the two countries share,” he said.