Saudi Arabia eyes investment in India | SupportBiz


Saudi Arabia eyes investment in India

Saudi Arabia is keen to promote commerce and investment with India, especially in Andhra Pradesh, Saudi Arabia's ambassador to India Saud Mohammed Al-Sati said, saying the oil-rich kingdom was "investing heavily" abroad.

After a two-day visit to Hyderabad, Al-Sati told IANS in an interview: "Hyderabad is hub of innovation, information technology, biotechnology, engineering and pharmaceuticals. We can explore the opportunities for partnerships."

"I learnt about opportunities here in all sectors of the economy. I would like to see more Saudi companies investing in India, especially in Andhra Pradesh," he said.

Al-Sati also invited businessmen and industrialists from the state to invest in Saudi Arabia. During an interaction with business leaders Friday, he highlighted the investment opportunities in his country. He said Indian companies evinced interest in the opportunities the kingdom offered.

During the visit, the ambassador met Andhra Pradesh Chief Minister N. Kiran Kumar Reddy, Governor E.S.L. Narasimhan, among others.

"The purpose of the visit was to reach out to business communities, friends of Saudi Arabia and Saudi citizens and students in Hyderabad, to strengthen bonds between the two friendly countries and serving the interests of Saudi citizens and students," Al-Sati said.

He pointed out that Saudi Arabia's King Abdullah bin Abdul Aziz Al-Saud's visit to India in 2006 and Prime Minister Manmohan Singh's visit to the kingdom in 2010 laid the foundation and vision for strong and close relations.

While inviting people to invest in Saudi Arabia, he explained the initiatives taken by the oil-rich country to boost development.

"The kingdom is investing heavily. The size of investment is unprecedented in infrastructure, transport, health sector, renewable energy, airports and sea ports. I told this to friends of the kingdom and to people from all walks of life and invited them to come and see the programme for themselves," the envoy told IANS.