Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS) will visit India and Pakistan this month. Riyadh’s top priority is to create a dialogue around energy security and investments with both the nations.
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“The Saudi Prince will visit Pakistan on February 16. He will then go to Malaysia before his visit to India in the fourth week of February”, the sources said.
India’s top suppliers of crude oil and important sources of energy are Saudi Arabia and Iraq. Saudi Arabia is looking for an extensive market for the growth of their share in the global market amid US sanctions on Iran and Venezuela.
Saudi Arabia is keen to attract Indian investments in its Qiddiya entertainment city spread across 334 square kilometers assisted with the entertainment parks and race-tracks. On the other side, the Indian wants Saudi investments in sectors ranging from energy to manufacturing.
After China, the US and the UAE, Saudi Arabia is India’s fourth largest trading partner. During 2017-18, the bilateral trade increased from 9.56% to 27.48 billion dollars with India’s imports registering increment of 10.50 %, while exports to Saudi Arabia intensified by 5.88%.
Saudi Arabia’s prince trip to South Asia is expected to bring investments worth about 14 billion dollars. During Pakistan’s Prime Minister Imran Khan’s visit to Riyadh resolved an economic crisis, When Saudi Arabia granted 3 billion dollars in foreign currency support and a loan of 3 billion dollars in deferred payments for oil imports.
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