Saudi Arabia, on Sunday said its investment plans in India are on track, noting that the Indian economy has the strength to recover from the adverse impact of the coronavirus crisis.
In February last year, Saudi Crown Prince Mohammed bin Salman announced that Saudi Arabia would invest over USD 100 billion in India in petrochemicals, refining, infrastructure, mining and manufacturing, agriculture and several 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 partner and a close friend, Al Sati identified ongoing cooperation in areas of training, knowledge sharing and combating terrorism as key elements of the partnership in defence and security sphere.
"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 said.
Without commenting on Army Chief Gen MM Naravane's visit to Saudi Arabia last week, the Ambassador said the setting up of the Strategic Partnership Council by the two countries opened new avenues of cooperation in several sectors including defence and security 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 said.
Gen Naravane on Sunday held extensive talks with Commander of Royal Saudi land forces Gen Fahd Bin Abdullah Mohammed Al-Mutir as he began a two-day rare visit to the Gulf country to lay the ground for deeper military ties.
The two sides set up the Strategic Partnership Council during Prime Minister Narendra Modi's visit to Riyadh in October last year. The council is mandated to monitor the progress of strategic relationships in a whole range of key areas.
On trade partnership, the envoy referred to the decision by Saudi Public Investment Fund (PIF) to invest approximately 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," said Al Sati.
The envoy also highlighted Saudi Arabia's recent Labour Reform Initiative (LRI), saying they will further help Saudi Arabia and India to cement their economic relationship.
"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 said.
Asked about political developments in Yemen, the Saudi Ambassador said the forming of the new government in that country is an important 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 said.
The Riyadh agreement was pushed by Saudi Arabia in an effort to end hostilities between Yemen's internationally recognised government and southern separatists.
