New Delhi Correspondent
India and Saudi Arabia on Thursday agreed to set up a mechanism at leadership level to explore how to scale up Saudi investment across various sectors from energy, infrastructure and defence in India as Prime Minister Narendra Modi met Saudi Arabian Crown Prince Mohammad Bin Salman.
“This mechanism will be worked out shortly and we will expect that in the next two to three years there will be significant scaling up in Saudi investment in India,”Indian Foreign Secretary Vijay Gokhale told the media after a meeting between the Indian PM and the Saudi Crown Prince in Buenos Aires, capital of Argentina on the sidelines of the G20 Summit there.
According to an official read-out of Gokhale’s briefing made available here, the Saudi Crown Prince spoke of India as an important partner for Saudi Arabia and there was a very specific discussion between the two leaders on how Saudi Arabia can enhance its investment across a number of sectors in the next two to three years.
“The Crown Prince informed the Prime Minister that Saudi Arabia will be finalizing an initial investment into the National Infrastructure Fund. He also referred to the future prospects for investment in the technology sector, in the agriculture sector and in the energy sector,” the Indian Foreign Secretary said.
Modi stressed the importance of having stable and predictable energy prices and some discussions took place between the two leaders on how Saudi Arabia can contribute and help in stabilizing energy prices particularly for India which had been hit by high prices in international oil markets pressuring the Indian currency Rupee and sharply pushing up domestic petrol and diesel prices.