DUBAI: Crown Prince Mohammed bin Salman said on Wednesday he expects Saudi Arabia’s investments in India will be worth $100 billion in the next two years.
During a press conference with India’s Prime Minister Narendra Modi, the crown prince said the Kingdom had invested $10 billion in technology and small companies in India which had “achieved very remarkable returns.”
Big announcement - Saudi Arabia to invest $100 bn in India - a huge vote of confidence in the Indian economy. PM @narendramodi welcomed announcement by #SaudiCrownPrince to invest in areas like energy, refining, petro-chemicals, infrastructure, agriculture, manufacturing, etc. pic.twitter.com/7DFRaou0Br— Raveesh Kumar (@MEAIndia) February 20, 2019
Speaking on the second day of hist India visit, and after the signing of five agreements with Modi, the crown prince also said that there were many opportunities for India in Saudi Arabia.
“We expect that the opportunity we are developing in India in many fields will exceed 100 billion dollars over the next two years,” Prince Mohammed said. “We want to work as two governments to ensure these investments and achieve beneficial returns for both countries.
“We also hope that relations between the Kingdom of Saudi Arabia and India will contribute to providing more opportunities for Indian laborers and manpower to contribute to the future of the Kingdom of Saudi Arabia and building the Kingdom's Vision 2030.”
The crown prince spoke of the depth and history of relations between the two countries, acknowledging the role Indian labor and businesses had played in the Kingdom’s development.
He also said the economic partnerships were grounded in the two nation’s similar challenges - “extremism, terrorism and the security of the Indian Ocean.”
He said Modi’s visit to the Kingdom in 2016 had achieved investments worth $44 billion in refining and petrochemicals.
The two countries planned to expand India’s oil storage capacity to make India an “important regional center in distributing oil and its products.”
"As a neighbor who guarantees suppying us with energy needs, the Kingdom is considered India's most important partner," Modi said. "We have enhanced our relations through establishing a strategic partnership."
The crown prince and Modi earlier oversaw the signing of agreements in the fields of investment, tourism, housing and information and broadcasting.
Adding new dimensions to historical ties— Raveesh Kumar (@MEAIndia) February 20, 2019
5 documents were exchanged in the presence of PM @narendramodi & HRH Prince Mohammed bin Salman, Crown Prince of Saudi Arabia, in areas of investment, tourism, housing and information & broadcasting. Full list at https://t.co/A3Wpe6fbXQ pic.twitter.com/8LByASxvgz
It was also announced that the Kingdom would join the International Solar Alliance, a group of countries focussed on improving solar technology.
Prince Mohammed then met a number of CEOs from India's leading businesses.
The crown prince arrived in India after a two-day trip to Pakistan as part of a tour of Asia.