Miscellaneous

Saudi Prince sees $100bn investment opportunity in India

Saudi Crown Prince Mohammed bin Salman said on Wednesday said he expected investment opportunities worth over $100 billion in India over the next two years in key sectors such as agriculture, technology and tourism.

The kingdom signed five agreements - including an MoU with regard to the kingdom's joining the International Solar Alliance (ISA) - with India at the start of his landmark two-day visit.

With the signing of the ISA framework agreement, Saudi Arabia became the 73rd country to join the India-led renewable energy organisation which now has a total of 122 members.

These pacts were signed in the presence of Indian Prime Minister Narendra Modi and Prince Mohammed.

Last night, Modi, in a break from normal protocol, welcomed the Saudi prince at the airport with a warm hug, sending a clear message about the importance India is placing on this royal visit, reported Arab News.

“India is delighted to welcome HRH Mohammed Bin Salman, the Crown Prince of Saudi Arabia,” Modi tweeted later.

The royal visit follows the Indian PM’s trip to Saudi Arabia in April 2016, during which the countries elevated the status of their relationship to a strategic partnership. Some reports have suggested that they might now be planning to set up a “Strategic Partnership Council” at a ministerial level, in addition to holding joint naval exercises and upgrading defence cooperation, it stated.

The two-day royal visit is significant as it takes place against the backdrop of an escalation in tensions between New Delhi and Islamabad after the Pulwama terror attack on February 14, in which 44 security personnel lost their lives.

In the delegation-level talks, the two sides discussed key areas of mutual interest such as trade and investment, renewable energy, defence, nuclear and space, civil aviation, counter-terrorism, community welfare as well as regional challenges, reported PTI.

He praised the relations between the two countries, describing those relations as firm and deep-rooted that are characterized by friendliness and amicability.

"We want to make the relations between India and Saudi Arabia beneficial for both countries,” said Prince Mohammed.

“These investments will help benefit the Indians in Saudi Arabia and the Saudi people who are working in India,” he said.

He stated that Saudi Arabia had taken a leaf out of India’s book and had invested in the IT sector after PM Modi’s 2016 visit.

Lauding Saudi's key role in India's growing economy, Modi said: "As a neighbour who guarantees suppying us with energy needs, the kingdom is considered India's most important partner."

"We have enhanced our relations through establishing a strategic partnership", and confirmed that "talks between the two countries were fruitful", he added.

In a joint press appearance after talks with Modi, the Crown Prince said terrorism was a common concern and Saudi Arabia was ready to share intelligence with India to tackle it.

He said: "India and the Kingdom of Saudi Arabia share a common vision" and that "the Middle East and the Arab Gulf States are working to keep stability and security in these two regions".

"We have common interests and we have agreed to extend cooperation between us. We also agreed to deepen cooperation between the two countries in the fields of maritime and cyber security," he added.

The two countries will start a security dialogue at the level of national security advisors and set up a working group on counter-terrorism, said TS Tirumurti, who handles economic relations at India's foreign ministry.

"Both leaders called on all countries to renounce the use of terrorism as an instrument of state policy," Tirumurti told a press briefing.

Prince Mohammed said that the two countries agreed to mount pressure on countries who provide support for terror and that it is of most importance that terror infrastructure must be dismantled, and that terrorists and their supporters must be punished. He also called for putting a strategy to face terrorism.

Later HRH the Crown Prince attended a luncheon hosted by the Indian Prime Minister in honour of HRH Crown Prince.