India Intelligence Report
 

Saudi Will Invest 150B in Infrastructure

 

With the historical visit of the Saudi Arabia King Abdullah bin Abdul-Aziz al Saud to India, the two countries are expected to sign three major agreements on terrorism, trade, and investments. The Indian Prime Minister Manmohan Singh invited USD 150 billion Saudi investments in infrastructure especially in power, telecom, airports, and railways. India is Saudi Arabia’s fourth largest trading partner valued at USD 8.8 billion in 2004. 50 joint ventures companies operated in India and the Saudi Government has approved 82 Indian companies to operate in that country. Abdullah has called for a fight against terror “regardless of faith” and for “as long as it takes.” On the business side, he wanted to move his country’s “special relationship” India forward so the benefits of partnership to result in global spin-offs. He invited Indian investments in Information Technology, Agriculture, Telecom, energy, and power. Calling India his “second home,” Abdullah raised the quota for Indian Haj pilgrims to 147,000 and said India had one of the most pilgrims visiting his country. Reliance Industries announced that it would invest USD 8 billion in a refinery and petrochemical project in Saudi Arabia.

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