Crown Prince Mohammed bin Salman said on Wednesday that he expects Saudi Arabia’s investments in India to be more than worth $100 billion in the next 2 years. India invited the crown prince as it seeks diplomatic support against Pakistan following the Pulwama attack.
Talking about its earlier investments with India’s PM Narendra Modi, the crown prince said the Kingdom had invested $10 billion in technology and small companies in India which had “achieved very remarkable returns.”
Main areas of investment
The main areas of investment will include energy, refining, petrochemicals, infrastructure, agriculture, manufacturing.
Petroleum and natural gas company Saudi Aramco said it was in talks with India’s Reliance Industries Ltd for possible investments and was seeking other opportunities.
Saudi Aramco’s Chief Executive Officer Amin Nassar said that company is seeking opportunities in India and that they are working with their Indian partners like Indian Oil, Bharat Petroleum and Hindustan Petroleum.
The crown prince and Modi earlier talked about impact of the signing of agreements in the fields of investment, tourism, housing and information and broadcasting. He also announced that the Kingdom would join the International Solar Alliance, a group of countries focussed on improving solar technology.
Prince Mohammed also several CEOs from India’s leading businesses. The two countries even signed agreements on investment in infrastructure, housing sector, and tourism.
