Saudi King likely to visit India this year

Fresh investments on the cards

Saudi King Salman

India on Sunday said it looks forward to the first official visit by King Salman of Saudi Arabia to further deepen the strategic ties between both countries, an Indian official said.

“We are looking forward to the visit of the King of Saudi Arabia later this year,” Secretary, External Affairs (Economic Relations), Amar Sinha, said at an event here organised by the Saudi petrochemicals giant SABIC.

Deepening relations

“Our historical and deep relations have been growing rapidly over the last couple of years. While both countries have intensified joint production and investment, we are looking at new investments in infrastructure, manufacturing and pooling of technical resources and skills,” he added.

Salman was crowned the new king in January 2015, following the death of his half-brother, King Abdullah.

SABIC, which has a major presence in India, including an advanced R&D facility in Bengaluru, announced its CSR activity to test the eyesight of over 100,000 schoolchildren in government-aided schools in New Delhi, Gurugram, Bengaluru, Vadodara, Chennai and Mumbai.

In his address, Saudi Ambassador Saud Al-Sati invited India to play a key role in the kingdom’s economic transformation as it seeks to reduce its dependence on oil exports following a long period of decline in crude prices and emergence of new fuels by diversifying its sources of income and attracting foreign investment.

Diversifying economy

Al-Sati said the Kingdom’s Vision 2030 plan aims to free the Saudi economy from dependence on oil by diversifying its sources of income, attract foreign investment and make Saudi Arabia a manufacturing hub.

Bilateral trade in 2015 was worth nearly $40 billion, with India importing a fifth of its oil needs from Saudi Arabia.