Saudi Arabia and India have vowed to substantially boost investments and their trade ties as Prime Minister Narendra Modi invited cash-rich Saudi firms to invest in infrastructure and form joint ventures for oil exploration, reported NDTV. The two countries have signed a series of energy cooperation accords, wrote Al Arabiya.
A joint statement issued after the talks between PM Modi and Saudi King Salman bin Abdulaziz said that both countries agreed to forge a deeper partnership in energy sector focusing on investment and joint venture in petrochemical complex.
PM Modi invited Saudi firms such as Aramco and SABIC to invest in the India’s infrastructure sector.
“Inviting Saudi Arabia to be a partner in India’s growth story, Modi encouraged Saudi Aramco, SABIC and other Saudi companies to invest in the infrastructure sector in India and to participate in projects creating mega industrial manufacturing corridors, smart cities as well as the Digital India and Start up India programs,” the statement said.
According to Oil&Gas Journal, Saudi Arabia is the largest supplier of crude oil to India, where oil demand grew by 5.7% last year and is expected by the International Energy Agency to increase 6.3% this year. There has also been a steady increase in bilateral trade, which stood at $39b in 2014-15, which Riyadh seeks to boost further amid its Iranian rival’s plans to expand the energy cooperation with New Delhi, as Press TV informed previously.