Saudi Arabia sees an investment opportunity of $100 billion in India in various sectors: Crown Prince Mohammed bin Salman

  • The crown prince lauded India's strength in the IT and said Saudi Arabia too was investing a lot in the sector

  • He informed that the Gulf nation has invested in India in petrochemicals and diversifying into other sectors

  • TS Tirumurti, Secretary (ER) in MEA said that Saudi committed to invest $100 billion in sectors like energy, petrochemicals and manufacturing

New Delhi: Oil-rich Saudi Arabia sees an investment opportunity of $100 billion in India in various sectors, said visiting Crown Prince Mohammed bin Salman Wednesday in Delhi.

Addressing the media along with Prime Minister Narendra Modi, the crown prince said Saudi Arabia has already invested $44 billion in India since the Modi's visit 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.

 Saudi Arabia sees an investment opportunity of 0 billion in India in various sectors: Crown Prince Mohammed bin Salman

Saudi Arabia's Crown Prince Mohammed bin Salman with Indian Prime Minister Narendra Modi ahead of their meeting at Hyderabad House in New Delhi. Reuters

"We understand that there are opportunities for more than $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 TS Tirumurti, Secretary (ER) in Ministry of External Affairs, told reporters that there is a commitment by Saudi Arabia to invest $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.

In a special gesture, Modi received Salman at the airport in Delhi, signifying the importance India attaches to the visit by the leader of the Gulf nation.

Updated Date: Feb 20, 2019 21:00:33 IST