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Fri 30 Nov 2018 11:48 AM

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Saudi Arabia said to ramp up investments in India

Investment plan revealed as Saudi Crown Prince meets Indian PM on the sidelines of the G20 summit in Argentina

Saudi Arabia said to ramp up investments in India
Indian Prime Minister Narendra Modi. (JIM WATSON/AFP/Getty Images)

Saudi Arabia is reportedly set to ramp up investments in India, according to the country's Crown Prince Mohammed bin Salman who met Indian Prime Minister Narendra Modi on the sidelines of the G20 summit in Argentina.

Reports suggest the Saudi prince told Modi he would soon be finalising an initial investment in India’s National Investment and Infrastructure Fund, a wealth fund to help accelerate the building of ports, highways and other projects

The two leaders also discussed Saudi Arabia’s readiness to supply India with oil and petroleum products, Reuters reported on Friday.

“The crown prince also referred to future projects for investments, in sectors such as tech, energy and farm,” Indian Foreign Secretary Vijay Gokhale, who is accompanying Modi to the G20, was quoted as saying.

The Saudi News Agency (SPA) added that Saudi Arabia could also replace its agricultural imports from other countries with Indian agricultural produce.

“We expect that in the next two to three years there will be significant scaling up of Saudi investments in India,” Gokhale said.

According to SPA, the crown prince also discussed with Modi Saudi Aramco’s investment in refineries in India, including the company’s project to build a large refinery on the western coast of India.

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