Saudi Arabia is likely to invest $100 billion in areas of petrochemicals, infrastructure and mining among others. The world’s biggest oil exporter has taken the decision considering country’s growth potential. Saudi Ambassador Dr Saud bin Mohammed Al told news agency PTI in an interview that the investment will be made in the areas of energy, refining, petrochemicals, infrastructure and more.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

“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,” Al Sati said. The statement comes less than two months after Reliance Industries announced a partnership with Saudi’s biggest oil giant. 

“Saudi Aramco’s proposed investments in India’s energy sector such as the $44 billion West Coast refinery and petrochemical project in Maharashtra and long term partnership with Reliance represent strategic milestones in our bilateral relationship,” the ambassador said.

The envoy suggested that more such partnerships between the two countries could be announced in future. He said that more than 40 opportunities for joint collaboration and investments across various sectors have been identified between India and Saudi Arabia in 2019, adding the current bilateral trade of $34 billion will undoubtedly continue to increase.

"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," Al Sati said.

He added that vision 2030 of Crown Prince Mohammed bin Salman will also result in a significant expansion of trade and business between the two nations. He said that as part of this vision, Saudi Arabia is working towards transforming its economy and looking at a post-oil age of world-class technological research, start-up and entrepreneurial vigour. The country is in the process of shifting its dependency on oil and diversify the Saudi economy.

“The entire development strategy of the kingdom rests on three pillars – to build a vibrant society, a thriving economy and an ambitious nation,” he said. “The World Bank too has ranked the kingdom as the fourth largest reformer within G20. The number of foreign investment licenses granted in Saudi Arabia in the first quarter of 2018 increased by 130 per cent,” he said.