New Delhi:
Saudi Arabia, the world’s biggest oil exporter, on Sunday stated its investment plans in India are on track, noting that the Indian economy has the strength to recover from the adverse influence of the coronavirus crisis.
In February final year, Saudi Crown Prince Mohammed bin Salman announced that Saudi Arabia would invest more than USD one hundred billion in India in petrochemicals, refining, infrastructure, mining and manufacturing, agriculture and quite a few other sectors.
“Our plans to invest in India are on track and we are in discussion to prioritise investment opportunities in several sectors in both countries,” Saudi Ambassador Dr Saud bin Mohammed Al Sati told PTI in an interview.
Stating that Saudi Arabia values India as a strategic companion and a close buddy, Al Sati identified ongoing cooperation in places of coaching, understanding sharing and combating terrorism as crucial components of the partnership in defence and safety sphere.
Al Sati complimented India’s measures to revive its economy in view of the influence of the pandemic and stated the financial recovery of each nations will assist elevate other economies in the area as nicely.
“The economic relief package provided by India for its most prominent sectors is commendable. As the fifth-largest global economy and the largest economy in South Asia, the Indian economy has the impetus to recover from the impact of the ongoing pandemic,” he stated.
Without commenting on Army Chief Gen MM Naravane’s go to to Saudi Arabia final week, the Ambassador stated the setting up of the Strategic Partnership Council by the two nations opened new avenues of cooperation in quite a few sectors like defence and safety and counter-terrorism.
“The Strategic (Partnership) Council set up by the two countries in 2019 has opened new avenues on partnership in strategic areas like defence, security counter-terrorism, energy security and renewable energy,” he stated.
Gen Naravane on Sunday held in depth talks with Commander of Royal Saudi land forces Gen Fahd Bin Abdullah Mohammed Al-Mutir as he started a two-day uncommon go to to the Gulf nation to lay the ground for deeper military ties.
In the 1st-ever go to by a head of the Indian Army, Gen Naravane travelled to Saudi capital city Riyadh final week exactly where he held talks with prime military brass.
The two sides set up the Strategic Partnership Council in the course of Prime Minister Narendra Modi’s go to to Riyadh in October final year. The council is mandated to monitor the progress of strategic relationships in a complete variety of crucial places.
“The current decade has witnessed a remarkable stride in the relations between Saudi Arabia and India. What was once viewed as ties between two friendly countries is now a strong strategic partnership between two formidable economies,” Al Sati stated.
“From energy cooperation, security and defense, burgeoning trade relations to health cooperation, the nature of this relationship has diversified immensely allowing for expanded growth. The leadership on both sides have heralded this transformation for Saudi – India ties,” he stated.
On trade partnership, the envoy referred to the choice by Saudi Public Investment Fund (PIF) to invest roughly USD 1.3 billion in Reliance Retail and USD 1.5 billion in Reliance’s Jio platforms.
“Saudi Aramco is committed to investing in India’s energy sector. Aramco’s decision to buy a stake in Reliance Industries Oil to Chemical business and Aramco’s commitment to invest in the West Coast refinery petrochemical project signifies the interest Saudi Arabia places in the development of India’s energy sector,” he stated.
Apart from this, Al Sati stated Saudi Arabia is continuing to discover new investment possibilities in India.
The envoy also highlighted Saudi Arabia’s current Labor Reform Initiative (LRI), saying they will additional assist Saudi Arabia and India to cement their financial connection.
“It will enhance the contractual relationship between workers and employers, and will support the Kingdom’s vision of establishing an attractive job market, empowering and developing labour competencies and developing the work environment,” he stated.
“The initiative is a welcome step in improving the efficiency of the work environment in Saudi Arabia and will complement similar initiatives launched in this regard,” he stated.
Al Sati stated the measures will also contribute towards lowering the disparity in between Saudi workers and expatriates.
“The positive economic benefits expected from LRI include the development of the local market and the flexibility of work, increase in productivity within the private sector attracting highly skilled talent, and will ultimately help in achieving the goals of the Kingdom’s Vision 2030 through the national transformation programme,” he stated.
Asked about political developments in Yemen, the Saudi Ambassador stated the forming of the new government in that nation is an essential step in the context of implementing the Riyadh agreement.
“We hope that this step will help in realising peace and stability in Yemen and in achieving the aspirations of the Yemeni people for a political solution that ends the crisis in Yemen,” he stated.
The Riyadh agreement was pushed by Saudi Arabia in an work to finish hostilities in between Yemen’s internationally recognised government and southern separatists.