Saudi Arabia has clarified on Sunday that its investment plans in India have not derailed and predicted that the Indian economy has the strength to bounce back from the adverse effects of the deadly coronavirus pandemic. In February 2019, an investment of over $100 billion in sectors like petrochemicals, refining, infrastructure, mining and manufacturing, agriculture, etc was announced by the Kingdom's crown prince, Mohammed bin Salman. Recently, Saudi Ambassador Dr. Saud bin Mohammed Al Sati told there are no changes in Riyadh's plans, as far as investment in India is concerned.
"Our plans to invest in India are on track and we are in discussion to prioritize investment opportunities in several sectors in both countries," he added. He added the economy revival will help support other nations. He praised the Indian economic relief package, saying, "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".
Ambassador didn't mention about Indian Army Chief General MM Naravane's visit to Saudi recently but generally mentioned, "The Strategic (Partnership) Council set up by two countries in 2019 has opened new avenues on partnership in strategic areas like defense, security counter-terrorism, and renewable energy". Saudi Public Investment Fund (PIF) had agreed for an investment of $1.3 billion in Reliance Retail and $1.5 billion in Jio. Now, he added that the Saudi Aramco, the state-owned petroleum and natural gas company, is interested in India's energy sector. He also added that the recent Labor Reform Initiative (LRI) will cement economic ties between the countries.
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