More than 40 opportunities identified
Saudi Arabia sees India as a potential high growth market and is looking to invest US$100 billion in petrochemicals, infrastructure and mining among others, considering the country’s growth potential.
Saudi Ambassador Dr Saud bin Mohammed Al Sati has said India is an attractive investment destination, and the kingdom is eyeing long-term partnerships with New Delhi in key sectors such as oil, gas and mining.
“Saudi Arabia is looking at making investments in India potentially worth US$100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” Al Sati told Press Trust of India in an interview.
Saudi Aramco’s proposed partnership with Reliance Industries Ltd reflected the strategic nature of the growing energy ties between the two countries.
Investing in India’s value chain from oil supply, marketing, refining to petrochemicals and lubricants is a key part of Aramco’s global downstream strategy, said the Ambassador.
“In this backdrop, Saudi Aramco’s proposed investments in India’s energy sector such as the US$44 billion West Coast refinery and petrochemical project in Maharashtra and long-term partnership with Reliance represent strategic milestones in our bilateral relationship,” PTI quoted the Ambassador as saying.
Vision 2030 of Crown Prince Mohammed bin Salman will also result in significant expansion of trade and business between India and Saudi Arabia in diverse sectors.
The Vision is to diversify the Saudi economy while reducing its economic dependence on petroleum products.
More than 40 opportunities for joint collaboration and investments across various sectors have been identified between India and Saudi Arabia in 2019, the Ambassador pointed out.
“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,” the envoy said.
The Saudi-India bilateral have grown beyond the supply of energy to a more comprehensive partnership with focus on investments and joint ventures in petrochemical complexes and cooperation in exploration.
“India’s invitation to Saudi Arabia to invest in its strategic petroleum reserve reflects the trust and goodwill the two countries share,” Al Sati said.
The current bilateral trade of US$34 billion will undoubtedly continue to increase, he added.
Saudi Arabia supplies 17% or more of crude oil and 32% of LPG of India’s total oil imports. fiinews.com