Saudi Arabia's $100bn investment plan in India is on track

Shalini Ojha
·1-min read

Saudi Arabia
Saudi Arabia

21 Dec 2020: Saudi Arabia's $100bn investment plan in India is on track

Saudi Arabia said on Sunday that its investment plans in India have not derailed and predicted that the Indian economy has the strength to bounce back from the adverse effects of the coronavirus pandemic.

In February 2019, the Kingdom's crown prince, Mohammed bin Salman, announced an investment of over $100 billion in petrochemicals, refining, infrastructure, mining and manufacturing, agriculture, etc.

Here's more.

Details: Saudi sees India as a close friend

Saudi Ambassador Dr. Saud bin Mohammed Al Sati told PTI that the Kingdom sees India not only as a strategic partner but a close friend.

He said in the defense and security department, the countries were closely engaged in key areas like training, knowledge sharing, and combating terrorism.

He also heaped praises on the economic relief package, the Aatmanirbhar Bharat aid declared in May.

Statement: In discussion to prioritize investment opportunities: Official

Sati revealed that there are no changes in Riyadh's plans, as far as investment in India is concerned.

"Our plans to invest in India are on track and we are in discussion to prioritize investment opportunities in several sectors in both countries," he added.

He also said that the revival of both countries' economies will help elevate other nations in the region as well.

Fact: 'Indian economy can recover from pandemic's impact'

"The economic relief package provided by India for its most prominent sectors is commendable. As the fifth-largest global economy and the largest economy in South Asia, the Indian economy has the impetus to recover from the impact of the ongoing pandemic," Sati went on.