Saudi Ambassador Dr Saud bin Mohammed Al Sati has mentioned India is an a beautiful funding vacation spot for Saudi Arabia and it’s eyeing long-term partnerships with New Delhi in key sectors similar to oil, gasoline and mining.
“Saudi Arabia is taking a look at making investments in India doubtlessly value USD 100 billion within the areas of power, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” Al Sati informed PTI in an interview.
He mentioned Saudi Arabia’s largest oil big Aramco’s proposed partnership with Reliance Industries Ltd mirrored the strategic nature of the rising power ties between the 2 nations.
The envoy mentioned investing in India’s worth chain from oil provide, advertising and marketing, refining to petrochemicals and lubricants is a key a part of Aramco’s international downstream technique.
“On this backdrop, Saudi Aramco‘s proposed investments in India’s power sector such because the USD 44 billion West Coast refinery and petrochemical undertaking in Maharashtra and long run partnership with Reliance signify strategic milestones in our bilateral relationship,” he mentioned.
The envoy mentioned the imaginative and prescient 2030 of Crown Prince Mohammed bin Salman may even lead to important growth of commerce and enterprise between India and Saudi Arabia in various sectors.
Beneath imaginative and prescient 2030, Saudi Arabia plans to diversify the Saudi financial system whereas lowering its financial dependence on petroleum merchandise.
Saudi Arabia is a key pillar of India’s power safety, being a supply of 17 per cent or extra of crude oil and 32 per cent of LPG necessities of India.
The envoy mentioned greater than 40 alternatives for joint collaboration and investments throughout numerous sectors have been recognized between India and Saudi Arabia in 2019, including the present bilateral commerce of USD 34 billion will undoubtedly proceed to extend.
“There’s enormous untapped potential out there in merchandise commerce, notably in non-oil commerce and we’re enhancing cooperation in financial, business, funding, cultural and technological fields,” the envoy mentioned.
Requested about Saudi Arabia’s plan to subject preliminary public providing of Aramco’s inventory, being seen as world’s largest IPO, he mentioned it’ll open up the corporate to the broader world.
“Per the imaginative and prescient 2030 targets, Saudi Aramco is pursuing new alternatives towards making a world main downstream sector in Saudi Arabia,” he mentioned.
On future power ties with India, he mentioned the bilateral power ties have grown past the provision of crude oil, refined merchandise and LPG to a extra complete partnership that focusses on investments and joint ventures in petrochemical complexes and cooperation in exploration.
“India’s invitation to Saudi Arabia to put money into its strategic petroleum reserve displays the belief and goodwill the 2 nations share,” he mentioned.
Speaking about ‘Imaginative and prescient 2030’, Al Sati mentioned Saudi Arabia is working in direction of remodeling its financial system and taking a look at a post-oil age of world-class technological analysis, start-up and entrepreneurial vigour.
“The complete improvement technique of the dominion rests on three pillars – to construct a vibrant society, a thriving financial system and an formidable nation,” he mentioned.
“The World Bank too has ranked the dominion because the fourth largest reformer inside G20. The variety of international funding licenses granted in Saudi Arabia within the first quarter of 2018 elevated by 130 per cent,” he mentioned.
The envoy additionally talked about Saudi Arabia’s new residency allow scheme for certified worldwide expatriates.
“This transfer is predicted to draw main international innovators and buyers to dwell and work in Saudi Arabia, and assist drive the personal sector development wanted to grasp the targets set out in Saudi Imaginative and prescient 2030,” he mentioned.
Requested whether or not Saudi Arabia will enhance oil provide to India to handle the shortfall attributable to curb on import of oil from Iran, the envoy mentioned his nation is dedicated to India’s power safety and can meet any shortfall that will come up attributable to disruptions from different sources.
“As one of many world’s main power producers, the dominion will proceed working constructively with different producers inside and outdoors OPEC to take care of market stability, thus defending all of the pursuits of producers and customers alike,” he mentioned.
OPEC (Group of the Petroleum Exporting International locations) is a 14-nation highly effective bloc of oil producing nations.
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