The world's largest oil exporter also affirmed its confidence in the third largest Asian economy, saying India has the strength to recover from the adverse impact of the coronavirus crisis.
"Our plans to invest in India are on track and we are in discussion to prioritise investment opportunities in several sectors in both countries," Saudi Ambassador Dr Saud bin Mohammed Al Sati told PTI in an interview.
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud announced in February 2019 that the kingdom would invest over $100 billion in India in petrochemicals, refining, infrastructure, mining and manufacturing, agriculture and several other sectors.
Among the GCC countries, the UAE and Saudi Arabia have made the biggest investment commitments in one of the fastest growing economies in the world. In 2018, the UAE committed $75 billion investment towards infrastructure development in India.
Amid the pandemic, India has seen its reputation as one of the most favoured global foreign direct investment destinations receiving a major fillip. In 2020 to date, sovereign wealth funds (SWF) from across the world deployed capital worth a record $14.8 billion in India, which is nearly three times more than what they have put in China ($4.5 billion), according to data by New York-based Global SWF, which tracks over 400 State-Owned Investors (SOI), including SWFs and pension funds.
According to a report by CARE Ratings, India recorded 15 per cent surge in investment inflows in the first half of fiscal year 2020-21 year-on-year despite subdued global economic and investment environment, partly due to sweeping “global anti-China sentiments as investors strategized to tap alternative supply chains.”
Between April and September, India’s economy witnessed foreign direct investment into the country surging to $39.9 billion.
The Saudi envoy also praised India's measures to revive its economy in view of the impact of the pandemic and said the economic recovery of both countries will help elevate other economies in the region as well. “As the fifth-largest global economy and the largest economy in South Asia, the Indian economy has the impetus to recover from the impact of the ongoing pandemic," he said.
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