Ajay Banerjee
Tribune News Service
Riyadh, October 31
Saudi Arabia, that has promised a massive $100 billion investment in India, says it awaits allocation of land to kick-off the world’s biggest greenfield refinery project planned on the west coast of India.
On the sidelines of the Future Investment Initiative (FII), Dr Majid bin Abdullah Al Qasabi, the Minister of Commerce and Investment of the Kingdom of Saudi Arabia, said: “We are waiting for land selection (near Riagad in Maharashtra). Prime Minister Modi has assured that it was being done, a new government has been elected … the ball is now in India's court”.
Modi was here at the FII and for bilateral meetings with the rulers on October 29, had also spoken about the project that entails an overall investment of $60 billion off which $35 Billion is the share of Saudi petroleum giant ARMCO.
The minister answering questions from the media, said India offers great opportunities in technology, Pharma, agriculture and tourism. “We can leverage that,” he said. India has been a partner since ancient times, the Kingdom has Indians as the largest foreign workforce (26 lakh), Dr Majid said "India could be a great platform for our far east outreach," he added.
On being asked about the offer of PM Modi to come and invest in India, the Saudi Minister said: “A fund has been agreed upon between the two countries on infrastructure. We could do more with India. We can leverage the advantage India has in innovation and technology and in small and medium enterprises.”
The newly set up strategic council will accelerate and boost the relationship, he said. Meanwhile sources on the Indian side said a Saudi company in collaboration with a European firm has taken 20 per cent stake in India-based basmati brand ‘Dawaat’.
The two countries have decided to increase the availability of airline seats in each other carriers. The seats will go up from the existing 32,000 per month to 50,000 per month for each country.
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