Saudi Arabia sees USD 100 bn investment opportunity in India: Crown Prince
Saudi Prince lauded India's strength in the information technology (IT) and said Saudi Arabia too was investing a lot in the sector. "We understand that there are opportunities for more than USD 100 billion investment in India...We want to strengthen investment and economic ties to ensure useful returns for both countries," the crown prince said.
Oil-rich Saudi Arabia sees an investment opportunity of USD 100 billion in India in various sectors, said visiting Crown Prince Mohammed Bin Salman Wednesday here. Addressing the media along with Prime Minister Narendra Modi, the crown prince said Saudi Arabia has already invested USD 44 billion in India since the visit of Modi in 2016 to the Gulf nation.
He also lauded India's strength in the information technology (IT) and said Saudi Arabia too was investing a lot in the sector. "We understand that there are opportunities for more than USD 100 billion investment in India...We want to strengthen investment and economic ties to ensure useful returns for both countries," the crown prince said.
He informed that Saudi Arabia has invested in India in petrochemicals and diversifying into other sectors. "We want to increase cooperation with India as it will give a new direction to our relationship," he said.
Later T S Tirumurti, Secretary (ER) in Ministry of External Affairs, told reporters that there is a commitment by Saudi Arabia to invest USD 100 billion in sectors like energy, petrochemicals and manufacturing.
When asked by when investments would be made, the Secretary said there was no timeline.
The crown prince arrived here on a less than 30-hour visit 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.
Watch this Zee Business video
In a special gesture, Modi received Salman at the airport here, signifying the importance India attaches to the visit by the leader of the Gulf nation.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
06:52 AM IST