Saudi prince projects $100 billion investment in India in 2 years

Saudi prince projects $100 billion investment in India

Saudi Arabia’s Crown Prince Mohammed bin Salman said on Wednesday he expected investment opportunities in excess of $100 billion in India over the next two years.

Sectors of interest included energy, infrastructure, agriculture and manufacturing, Tirumurti said, adding that Saudi Arabia’s focus was on expanding non-oil trade with India.

India rolled out the red carpet for the crown prince as it seeks diplomatic support following a militant attack in the disputed region of Kashmir.

In a joint press conference following the talks with Indian Prime Minister Narendra Modi, the crown prince said terrorism was a common concern and Saudi Arabia was ready to share intelligence with India to tackle it.

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 T.S. Tirumurti, who handles economic relations at India’s foreign ministry.

Saudi Arabia’s domestic security structure helped put down an al Qaeda bombing campaign over a decade ago. But the kingdom continues to face occasional attacks by Daesh fighters and militants in its Eastern Province.

The crown prince, whose country is facing frosty ties with Western countries after the killing of Saudi journalist Jamal Khashoggi, was also given a lavish welcome this week in Pakistan where the two sides signed memoranda of understanding valued at about $20 billion to help prop up Pakistan’s economy.

The killing has strained Saudi Arabia’s ties with the West and battered the prince’s image abroad. He is also visiting China on this trip.

Saudi Arabia also leads a coalition of Arab states fighting in support of Yemen’s internationally recognised government against the Iran-aligned Houthi fighters, who regularly fire rockets across the kingdom’s southern border.