World News

Saudi Arabia to invest 100 billion dollars in India

Saudi Arabia to invest 100 billion dollars in India

Saudi Crown Prince Mohammed bin Salman and India's Prime Minister Narendra Modi have held a press conference in New Delhi on Wednesday following the signing of these agreements.

The crown prince hailed the relationship with India, a top consumer of Saudi crude oil, after a ceremonial welcome at the imposing red sandstone presidential palace. "Since we remember", he said, "Indian people have been our friends and part of building Saudi Arabia for 70 years".

MEA also announced that Saudi Arabia will invest 100 billion dollars in India in the coming few years.

"We know India is strong in the IT sector and we have invested a lot in Saudi Arabia in the IT sector and have benefitted from it", he said.

The party itself later tweeted: "By breaking protocol and welcoming Saudi Crown Prince Mohammad Bin Salman with such abundance - only hours after he promised billions to Pakistan - PM Modi has shown the country, the martyrs and every soldier in India what he thinks of their service & sacrifice".

More news: Maduro closes border with Brazil amid aid flap

"Our objective is to try to de-escalate tensions between the two countries, neighboring countries, and to see if there is a path forward to resolving those differences peacefully", Saudi minister of state Adel al-Jubeir said in Islamabad on Monday. "With the leadership of the president and the PM, I am sure we can create good things for Saudi Arabia and India", he said in brief remarks before heading into talks with Indian leaders.

In a joint statement issued in Islamabad earlier this week, Saudi Arabia "underlined the need for avoiding politicization" of the United Nations listing regime - a veiled reference to India's efforts to have Jaish-e-Mohammed chief Masood Azhar, who lives in Pakistan, designated as a global terrorist. Nasser, a member of the crown prince's delegation, said his firm was in talks with other Indian firms as well. His visit comes following the recent terror attacks in Pulwama, which left over 40 Indian paramilitaries dead. "We want to strengthen investment and economic ties to ensure useful returns for both countries".

He said, both leaders called on all states to reject the use of terrorism against other countries, dismantle terrorist infrastructure, cut off any kind of support and financing to terrorists and bring perpetrators to justice. He said that India and the Arabian Peninsula have been allies for long and that we share the same DNA.

The promise came as fallout from a suicide bomb attack that India has blamed on Pakistan overshadowed the latest leg of the crown prince's tour aiming to boost his country's image. Saudi Arabia also agreed to increase Haj quota for Indians to two lakh.

India's ties to Saudi Arabia have grown significantly over the past two decades with bilateral trade hitting $28bn.