Saudi Arabia, the world’s biggest oil exporter, is looking at investing $100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country’s growth potential. Under ‘Vision 2030’, Saudi Arabia plans to diversify the Saudi economy while reducing its economic dependence on petroleum products. “Consistent with the Vision 2030 goals, Saudi Aramco is pursuing new opportunities toward creating a world leading downstream sector in Saudi Arabia,” he added. “India’s invitation to Saudi Arabia to invest in its strategic petroleum reserve reflects the trust and goodwill the two countries share,” he said. The number of foreign investment licenses granted in Saudi Arabia in the first quarter of 2018 increased by 130 per cent,” he said.

Source: The Hindu September 29, 2019 07:30 UTC