“Saudi Arabia is looking at making investments in India potentially worth USD 100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” said Saudi Ambassador Dr Saud bin Mohammed Al Sati.
The reason why Saudi has an interest to make such huge investments is due to India’s potential growth. Thus, according to the biggest oil exporter, India has displayed a promising opportunity for Saudi Arabia, specifically for the Vision 2030 of Crown Prince Mohammed bin Salman.
Prior to this event, both countries are already in a good term. Additionally, one of the future objectives of the Vision 2030 is to strengthen the trade and business between the countries.
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Briefly Reviewing Saudi Arabia and India’s Current Relationship
Saudi Arabia is currently India’s key pillar in energy and security. To name a few, the kingdom alone provides 17% of crude oil and 32% of LPG throughout India.
In 2019, above 40 opportunities for joint collaboration and investments across various sectors are present between the two parties. Hence, the current bilateral trade of USD 34 billion will most likely to escalate.
As an instance to the foregoing, Saudi’s oil colossus Aramco proposed a strategic partnership with India’s multinational conglomerate Reliance Industries. According, the joint between the companies represents the good term between the countries.
Furthermore, following Vision 2030, Saudi Arabia does not want to solely focus on oil products. As the prince is trying to diversify the kingdom’s economy, the kingdom will form ties with India in numerous, non-petroleum, sectors.
“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.”
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