Creating a new history, the world’s biggest oil exporter Saudi Arabia is planning to invest $100 billion for the first time in India in areas like agriculture, petrochemicals, and infrastructure among others. The biggest exporter of oil has taken the decision considering the country’s growth potential.
As per the report, Dr. Saud bin Mohammed, Saudi Ambassador told in a media interview that the investment will be done in the areas of energy, refining, petrochemicals, infrastructure and more.
“Saudi Arabia is looking at making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals, and mining,” said the Saudi ambassador.
“Saudi Aramco’s proposed investments in India’s energy sector such as the $44 billion West Coast refinery and petrochemical project in Maharashtra and long term partnership with Reliance represent strategic milestones in our bilateral relationship,” he added.
"There is huge untapped potential available in merchandise trade, particularly in non-oil trade and we are enhancing cooperation in economic, commercial, investment, cultural and technological fields," Al Sati said.
He also emphasizes on ‘the vision 2030’ of Crown Prince Mohammed bin Salman which will also result in a significant expansion of trade and business between the two nations. Saudi Arabia is working for transforming its economy and looking at a post-oil age of world-class technological research, start-up and entrepreneurial vigor as part of this vision. The country is in the process of shifting its dependency on oil and diversifies the Saudi economy, the report added.
