During a press conference with India’s Prime Minister Narendra Modi, the crown prince said the Kingdom had invested $10 billion in technology and small companies in India which had “achieved very remarkable returns.”
“We expect that the opportunity we are developing in India in many fields will exceed 100 billion dollars over the next two years,” Prince Mohammed said. “We want to work as two governments to ensure these investments and achieve beneficial returns for both countries.
“We also hope that relations between the Kingdom of Saudi Arabia and India will contribute to providing more opportunities for Indian laborers and manpower to contribute to the future of the Kingdom of Saudi Arabia and building the Kingdom’s Vision 2030.”
The crown prince spoke of the depth and history of relations between the two countries, acknowledging the role Indian labor and businesses had played in the Kingdom’s development.
He also said the economic partnerships were grounded in the two nation’s similar challenges – “extremism, terrorism and the security of the Indian Ocean.”
He said Modi’s visit to the Kingdom in 2016 had achieved investments worth $44 billion in refining and petrochemicals.
The two countries planned to expand India’s oil storage capacity to make India an “important regional center in distributing oil and its products.”
The crown prince and Modi earlier oversaw the signing of agreements in the fields of investment, tourism, housing and information and broadcasting.
Courtesy: Arab News