KSA’s investment plans in India on track: Saudi envoy to India

Saudi Arabia's investment plans in India are on track, Saudi Arabian Ambassador in India Dr Saud bin Mohammed Al Sati has said, reports NDTV citing the Press Trust of India (PTI).

The Indian economy has the strength to recover from the adverse impact of the Covid-19 crisis, the Saudi envoy told PTI in an interview on Sunday.

In February last year, Saudi Crown Prince Mohammed bin Salman announced that Saudi Arabia, the world's largest oil exporter, would invest over $100 billion in India in petrochemicals, refining, infrastructure, mining and manufacturing, agriculture and several other sectors.

"Our plans to invest in India are on track and we are in discussion to prioritise investment opportunities in several sectors in both countries," Dr Saud bin Mohammed Al Sati said in the PTI interview.

Mentioning that Saudi Arabia values India as a strategic partner and a close friend, Dr Al Sati said the ongoing cooperation in areas of training, knowledge sharing and combating terrorism are key elements of the two countries' partnership in the defence and security sphere.

He lauded the Indian government's measures to revive the country's economy, which has been hit hard by the pandemic and said the economic recovery of both countries will benefit other economies in the region as well.

"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," he told PTI.

The Saudi Arabian envoy said new avenues of cooperation in several sectors -- including defence, security, counter-terrorism, energy security and renewable energy -- have opened through the setting up of the Strategic Partnership Council by the two countries.

The two countries set up the Strategic Partnership Council during Indian Premier Narendra Modi's visit to Riyadh in October last year. The council has been formed to monitor the progress of strategic relationships between the two countries in a wide range of key areas.

"From energy cooperation, security and defence, burgeoning trade relations to health cooperation, the nature of this relationship has diversified immensely allowing for expanded growth. The leadership on both sides have heralded this transformation for KSA-India ties," Dr Al Sati said.

The Saudi envoy to India also referred to the decision by Saudi Public Investment Fund (PIF) to invest approximately $1.3 billion in Reliance Retail and $1.5 billion in Reliance's Jio platforms. "Saudi Aramco is committed to investing in India's energy sector. Aramco's decision to buy a stake in Reliance Industries' oil-to-chemical business and Aramco's commitment to invest in the West Coast refinery petrochemical project signifies the interest Saudi Arabia places in the development of India's energy sector," he told PTI.

Al Sati also said Saudi Arabia is continuing to explore new investment opportunities in India.