India has decided to set up a mechanism at the leadership level to enhance the Saudi Arabia’s investments in energy, infrastructure and defence sectors in India.
About:
This was decided during the meeting between Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman, on the sidelines of the G20 summit.
As per available data, Saudi Arabia is the –
48th biggest investor in India with investments from April 2000 to March 2016 amounting to $64.19 million.
4th largest trade partner of India and
major source of energy as India imports around 19 % of its crude oil requirement from the kingdom.
Saudi crown Prince told Indian Prime Minister that Saudi Arabia will be finalising an “initial investment into the National Infrastructure Fund”. He also referred to the future prospects for investment in the technology sector, in the agriculture sector and in the energy sector.
This mechanism will be worked out shortly and it is expected that in the next two to three years there will be significant scaling up in the Saudi investments in India.
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