Chennai: Saudi Arabia on Sunday said its investment plans in India are on track, noting that the Indian economy has the strength to recover from the adverse impact of the coronavirus crisis.
In February last year, Saudi Crown Prince Mohammed bin Salman announced that Saudi Arabia would invest over USD 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,” Saudi Ambassador Saud bin Mohammed Al Sati said.
Stating that Saudi Arabia values India as a strategic partner and a close friend, Al Sati identified ongoing cooperation in areas of training, knowledge sharing and combating terrorism as key elements of the partnership in defence and security sphere.
Al Sati complimented India’s measures to revive its economy in view of the impact of the pandemic and said the economic recovery of both countries will help elevate 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 said.
Without commenting on Army Chief General MM Naravane’s visit to Saudi Arabia last week, the Ambassador said the setting up of the Strategic Partnership Council by the two countries opened new avenues of cooperation in several sectors including defence and security and counter-terrorism.
“The Strategic (Partnership) Council set up by the two countries in 2019 has opened new avenues on partnership in strategic areas like defence, security counter-terrorism, energy security and renewable energy,” he said.
“From energy cooperation, security and defense, 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 Saudi – India ties,” he said.
On trade partnership, the envoy 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.