India and Saudi Arabia Strengthen Ties with $100bn Investment Pledge
Key Ideas
  • Saudi Arabia commits a $100bn investment in India across various key sectors, emphasizing strategic ties.
  • Plans for two oil refineries in India, potential involvement of Saudi Aramco, and collaborations in petrochemicals and renewable energy are outlined.
  • Efforts to finalize a bilateral investment treaty and enhance cooperation in trade, defense, and technology are underway.
  • The partnership aims to boost economic growth in India and ensure stability and energy security for both nations.
Indian Prime Minister Narendra Modi and Saudi Prime Minister Mohammed bin Salman met in Jeddah to discuss the India-Saudi Arabia Strategic Partnership Council. Saudi Arabia announced a significant investment of $100bn in India's energy, petrochemicals, infrastructure, technology, and healthcare sectors. The collaboration will likely involve the establishment of two oil refineries in India, with potential partnerships with BPCL, ONGC, and Aramco. The two countries are also set to work together on petrochemicals, renewable energy, and climate policy. Efforts to finalize a bilateral investment treaty and increase business and trade delegations are ongoing. While facing economic challenges, both nations view this partnership as crucial for stability and energy security. Future cooperation may extend to crude and liquefied petroleum gas supply and India's oil reserve program. In a separate initiative, Hyundai Motor India Limited and Indian Oil Corporation Limited launched the Hyundai NEXO Hydrogen Fuel Cell Electric Vehicle to explore the feasibility of hydrogen fuel cell vehicles for mass adoption in India.
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