Sunday, 20 Oct 2019

India-Saudi Arabia Joint Statement during the State Visit of His Royal Highness the Crown Prince of Saudi Arabia to India 4 New Delhi

The Prime Minister welcomed the announcement of His Royal Highness to invest in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining, manufacturing, education and health potentially worth more than $100 billion.

The two sides expressed satisfaction at the first Joint Venture West Coast Refinery and Petrochemical Project estimated to cost US $ 44 billion and both sides agreed to expedite the implementation of the project, which will be the largest green field refinery in the world to be implemented in one phase. In addition, $10 billion through the Public Investment Fund and its technology partners, and other investments opportunities potentially worth $26 billion being explored.

The Prime Minister of India welcomed the investment from Saudi Arabia in the National Investment and Infrastructure Fund (NIIF) and other key sectors in India. In this context, both sides appreciated the signing of the MoU on investing in the National Investment and Infrastructure Fund (NIIF) as it will pave the way for expanding bilateral economic cooperation.

Prime Minister Modi welcomed the intent by Saudi side towards investments in India, especially in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining, manufacturing, education and health.

The two sides welcomed the signing of MoU for Cooperation in the field of Housing and encouraged Indian companies to participate in the housing projects in Saudi Arabia.

His Royal Highness the Crown Prince welcomed Prime Minister's initiative on Coalition on Disaster Resilient Infrastructure and hailed it as an important step towards disaster management.

Recognizing the importance of the energy security as a key pillar of the strategic partnership, the two sides expressed desire to grow bilateral trade in the energy sector, acknowledging Saudi Arabia as the world's most reliable supplier of oil & gas and the key supplier to India. The two sides stressed on continuation of the India-Saudi Arabia Energy consultations. The two sides agreed to transform the buyer-seller relationship in the energy-sector to strategic partnership focusing on investment and joint ventures in petrochemical complexes.

Source: Saudi Press Agency

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