Saudi Prince Expects More than $100bn Investment in India

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  • Saudi Arabia's Crown Prince Mohammed bin Salman.

    Saudi Arabia's Crown Prince Mohammed bin Salman.

    TEMPO.CO, New Delhi - Saudi Arabia's Crown Prince Mohammed bin Salman (MBS) said on Wednesday, Feb. 20, he expected investment opportunities worth more than $100 billion in India over the next two years as he began his first official visit amid tensions between arch foes India and Pakistan.

    India rolled out the red carpet for the crown prince as it seeks diplomatic support against Pakistan following a militant attack in the disputed region of Kashmir.

    The crown prince, whose country is facing frosty ties with Western countries after the killing of Saudi journalist Jamal Khashoggi, was also given a lavish welcome this week in Pakistan where the two sides signed memoranda of understanding valued at about $20 billion to help prop up Pakistan's economy.

    Read: Saudi Included in EU Blacklist for Terrorism Funding

    In a joint press appearance after talks with Indian Prime Minister Narendra Modi, the crown prince said terrorism was a common concern and Saudi Arabia was ready to share intelligence with India to tackle it.

    The two countries will start a security dialogue at the level of national security advisors and set up a working group on counter-terrorism, said T.S. Tirumurti, who handles economic relations at India's foreign ministry.

    "Both leaders called on all countries to renounce the use of terrorism as an instrument of state policy," Tirumurti told a press briefing.