SAUDI ARABIA TO INVEST 100 BILLION DOLLARS IN INDIA
- India and Saudi Arabia held a bilateral meeting on the sidelines of the visit of Saudi Arabia’s Crown Prince Mohammed bin Salman to India. The joint statement issued on the sidelines of the bilateral meet between Indian Prime Minister Narendra Modi and Saudi Arabia’s Crown Prince Mohammed bin Salman.
- Affirming that extremism and terrorism threaten all nations, India and Saudi Arabia rejected any attempt to link this universal phenomenon to a particular race, religion or culture. Without naming Pakistan, the joint statement said that nations should renounce the use of terrorism as an instrument of state policy.
- Constitution of a ‘comprehensive security dialogue’ at the level of national security advisor and setting up of a joint working group on counter-terrorism. Saudi Arabia reiterated its commitment to meeting India’s growing needs for crude oil and petroleum products and substitute for any shortages that may arise as a result of disruptions from other sources without naming Iran.
- Saudi Arabia also increased India’s Haj quota by about 25,000. India’s Haj quota now stands at 2 lakhs. Saudi Arabia’s Crown Prince Mohammed bin Salman stated that Saudi Arabia has already invested $44 billion in India since the PM’s visit in 2016 and they see an investment opportunity of worth $100 billion in sectors like energy, petrochemicals and manufacturing.
- Saudi crown prince Mohammed bin Salman condemned the recent terrorist attack on Indian security forces in Pulwama in Jammu and Kashmir.
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