Saudi Arabia to strengthen ties with India, announces $100 billion investment plans
- The investment will be made in various key sectors of India including petrochemicals, infrastructure, and mining.
- About the figures of investment, the Saudi ambassador said that the country is looking at making the investment in India “potentially worth $100 billion.”
The conservative kingdom is all set to diversify its plans to reduce the oil dependence of the economy under the Kingdom’s Vision 2030. The goals include increased spending on infrastructure, recreation, tourism, and reinforcing economic and investment activities. Increasing non-oil trade is on cards as well and to pursue this goal Saudi Arabia is looking for a long-term investment in India.
The investment will be made in various key sectors of India including petrochemicals, infrastructure, and mining. Saudi Ambassador Dr. Saud bin Muhammad Al Sati in an interview with the news agency of India said that the country is an attractive investment destination for Saudi Arabia and it is looking for a longstanding partnership with New Delhi in key sectors.
In an earlier such move, the Kingdom took up the initiative to attract the tourists from 49 countries and also announced to ease the dress code for the female tourists to explore the tourism potential of the country.
The ambassador also said that Saudi state-run oil giant Aramco would partner up with Reliance Industries Limited, adding that the world’s top oil exporter and a key energy supplier providing India with some 17 percent of its crude oil and 32 percent of its liquified petroleum gas.
About the figures of investment, the ambassador said it is looking at making the investment in India “potentially worth $100 billion.” The envoy said that Saudi Arabia’s Mission 2030 initiative is aimed at reducing the country’s economic dependence on oil and diversifying its economy and significant expansion of trade and business between India and Saudi Arabia is being discussed as part of this initiative.
The envoy also informed that apart from the oil and energy sectors, over 40 opportunities for joint collaboration and investment between the two countries have been identified this year which increases the hope that the current bilateral trade volume would go up. He noted the current trade volume between the two countries worth $34 billion.
He also mentioned the unexplored potential in merchandise trade and said: “There is a huge potential available in merchandise trade, particularly in non-oil trade and we are enhancing cooperation in economic, commercial, investment, cultural and technological fields.”
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