KHALEEJ TIMES, Tuesday, Dec 22, 2020 | Jamadi Al Awwal 7, 1442
$100b investment plans in India are on track, says Saudi Arabia
Saudi Arabia:
Saudi Arabia said on Sunday that its $100 billion investment plans in
India are on track.
The world's largest oil exporter also affirmed its confidence in the third
largest Asian economy, saying India has the strength to recover from the adverse
impact of the coronavirus crisis.
"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.
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud announced in
February 2019 that the kingdom would invest over $100 billion in India in
petrochemicals, refining, infrastructure, mining and manufacturing, agriculture
and several other sectors.
Among the GCC countries, the UAE and Saudi Arabia have made the biggest
investment commitments in one of the fastest growing economies in the world. In
2018, the UAE committed $75 billion investment towards infrastructure
development in India.
Amid the pandemic, India has seen its reputation as one of the most favoured
global foreign direct investment destinations receiving a major fillip. In 2020
to date, sovereign wealth funds (SWF) from across the world deployed capital
worth a record $14.8 billion in India, which is nearly three times more than
what they have put in China ($4.5 billion), according to data by New York-based
Global SWF, which tracks over 400 State-Owned Investors (SOI), including SWFs
and pension funds.
According to a report by CARE Ratings, India recorded 15 per cent surge in
investment inflows in the first half of fiscal year 2020-21 year-on-year despite
subdued global economic and investment environment, partly due to sweeping
“global anti-China sentiments as investors strategized to tap alternative supply
chains.”
Between April and September, India’s economy witnessed foreign direct investment
into the country surging to $39.9 billion.
The Saudi envoy also praised India's measures to revive its economy in view of
the impact of the pandemic and said the economic recovery of both countries will
help elevate other economies in the region as well. “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 said.
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