Saudi Arabia to Invest $100 Billion in India

New Delhi, September 29, 2019:

The world's biggest oil exporter, Saudi Arabia, is likely to invest $ 100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country's growth potential.

Confirming this, Saudi Ambassador Dr Saud bin Mohammed Al Sati said that India is an 'attractive investment market' for Saudi Arabia and stated that the Arab country is looking to invest in key sectors such as oil, gas and mining.

He further added that at least 40 sectors have been identified as potential investment and collaboration between the two nations in 2019. The current bilateral trade between the two nations stands at roughly USD 34 million.

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He further added that the country is committed to ensuring India's energy security and will meet any increased demand that might arise due to other factors, such as curbing of oil imports from Iran.

It may be mentioned that Saudi Arabia accounts for 17% of crude oil and 34% of LPG in India.

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