Finance & Economy | News & Insights

Saudi Crown Prince MBS and PM Narendra Modi aim for $100 billion in FDI in India.

Published: September 18, 2023

India and Saudi Arabia have agreed to establish a joint monitoring committee to assess the West Coast Refinery’s building progress and a combined task force to locate and direct the $50 billion in investments that the Kingdom has promised to make in 2019.

On Monday, during his second state visit to India, Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman Al Saud (also known by his initials MBS) met with Prime Minister Narendra Modi in a private setting. At Hyderabad House, the two leaders also hosted the inaugural meeting of the India-Saudi Arabia Strategic Partnership Council.

Critical minerals, space, semiconductors, and financial technology were also mentioned by both parties as important new areas of cooperation.

Both parties have made the decision to expand their current hydrocarbon partnership into an all-encompassing energy alliance.

A memorandum of understanding between the energy ministries of the two nations aims for collaboration in hydrogen, electricity, renewable energy, energy efficiency, and potential grid interconnection. Additionally, it promotes bilateral investment in these sectors.

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