Saudi Arabia investment plans Indian economy bounce back

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Our investment plans in India on observe, Indian economy has energy to bounce back: Saudi Arabia

Saudi Arabia, the world’s largest oil exporter, on Sunday mentioned its investment plans in India are on observe, noting that the Indian economy has the energy to get better from the hostile affect of the coronavirus disaster. In February final yr, Saudi Crown Prince Mohammed bin Salman introduced that Saudi Arabia would make investments over USD 100 billion in India in petrochemicals, refining, infrastructure, mining and manufacturing, agriculture and several other different 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 Dr Saud bin Mohammed Al Sati advised PTI in an interview.

Stating that Saudi Arabia values India as a strategic accomplice and a detailed pal, Al Sati recognized ongoing cooperation in areas of coaching, data sharing and combating terrorism as key components of the partnership in defence and safety sphere.

Al Sati complimented India’s measures to revive its economy in view of the affect of the pandemic and mentioned the financial restoration of each international locations will assist elevate different economies within the area as nicely.

“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 mentioned.

Without commenting on Army Chief Gen MM Naravane’s go to to Saudi Arabia final week, the Ambassador mentioned the establishing of the Strategic Partnership Council by the 2 international locations opened new avenues of cooperation in a number of sectors together with defence and safety 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 mentioned.

Gen Naravane on Sunday held in depth talks with Commander of Royal Saudi land forces Gen Fahd Bin Abdullah Mohammed Al-Mutir as he started a two-day uncommon go to to the Gulf nation to put the bottom for deeper army ties.

In the first-ever go to by a head of the Indian Army, Gen Naravane travelled to Saudi capital metropolis Riyadh final week the place he held talks with high army brass.

The two sides arrange the Strategic Partnership Council throughout Prime Minister Narendra Modi’s go to to Riyadh in October final yr. The council is remitted to watch the progress of strategic relationships in a complete vary of key areas.

“The current decade has witnessed a remarkable stride in the relations between Saudi Arabia and India. What was once viewed as ties between two friendly countries is now a strong strategic partnership between two formidable economies,” Al Sati mentioned.

“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 mentioned.

On commerce partnership, the envoy referred to the choice by Saudi Public Investment Fund (PIF) to speculate roughly USD 1.three billion in Reliance Retail and USD 1.5 billion in Reliance’s Jio platforms

“Saudi Aramco is committed to investing in India’s energy sector. Aramco’s decision to buy a stake in Reliance Industries Oil to Chemical business and Aramco’s commitment to invest in the West Coast refinery petrochemical project signifies the interest Saudi Arabia places in the development of India’s energy sector,” he mentioned.

Apart from this, Al Sati mentioned Saudi Arabia is constant to discover new investment alternatives in India.

The envoy additionally highlighted Saudi Arabia’s latest Labor Reform Initiative (LRI), saying they are going to additional assist Saudi Arabia and India to cement their financial relationship.

“It will enhance the contractual relationship between workers and employers, and will support the Kingdom’s vision of establishing an attractive job market, empowering and developing labour competencies and developing the work environment,” he mentioned.

“The initiative is a welcome step in improving the efficiency of the work environment in Saudi Arabia and will complement similar initiatives launched in this regard,” he mentioned.

Al Sati mentioned the measures may also contribute in direction of decreasing the disparity between Saudi employees and expatriates.

“The positive economic benefits expected from LRI include the development of the local market and the flexibility of work, increase in productivity within the private sector attracting highly skilled talent, and will ultimately help in achieving the goals of the Kingdom’s Vision 2030 through the national transformation programme,” he mentioned.

Asked about political developments in Yemen, the Saudi Ambassador mentioned the forming of the brand new authorities in that nation is a vital step within the context of implementing the Riyadh settlement.

“We hope that this step will help in realising peace and stability in Yemen and in achieving the aspirations of the Yemeni people for a political solution that ends the crisis in Yemen,” he mentioned.

The Riyadh settlement was pushed by Saudi Arabia in an effort to finish hostilities between Yemen’s internationally recognised authorities and southern separatists.

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