India and Saudi Arabia ink five deals to deepen ties

NEW DELHI, Feb 20 (KUNA) -- India and Saudi Arabia on Wednesday signed five agreements to deepen bilateral cooperation in different fields.
The agreements are related to investment, infrastructure, tourism, housing and radio broadcasting in addition to a framework agreement on the International Solar Alliance, India's Ministry of External Affairs said in a statement.
The deals followed talks between Prime Minister Narendra Modi and visiting Saudi Crown Prince Mohammed Bin Salman, who arrived New Delhi yesterday heading a high-level delegation.
Both sides also discussed ways of strengthening cooperation in cultural, political, security, trade and investment sectors.
They also discussed other issues of cooperation especially in defence field including joint naval exercises.
Apart from oil and gas, fertilizers, food security, infrastructure and renewable energy also came for deliberations.
In a joint press conference along with Modi, Prince Salman said that his country sees an investment opportunity of USD 100 billion in India.
"Today we expect the opportunities we are targeting in India in various fields to exceed USD 100 billion in the coming two years.
"We want to work with you, Mr Prime Minister, to ensure these investments are made and to ensure useful returns for both countries," he said.
He added that Riyadh is planning to diversify investments into petrochemicals and storage.
In reference to Pakistan's involvement in a deadly attack on Indian forces in Jammu and Kashmir, Modi said, "last week's barbaric Pulwama attack was a symbol of the shadow of the inhuman danger hovering over the world. To deal with the scourge, we have agreed that there was a need to ramp up pressure on countries extending any sort of support to terrorism." In response, Prince Salman said "as far as the issue of extremism and terrorism, these are our common concerns. We want to tell India that we are ready to cooperate with you in every way, whether it is intelligence sharing.
"Not only India but we will work with all the countries in the neighborhood so that the future of the coming generations is secured." The bilateral trade between the two nations touched USD 27.48 billion in the last fiscal year, making Saudi Arabia the 4th largest trading partner of India in addition to contributing to India's energy security since it is providing 17 percent crude oil and 32 percent of the LPG requirements of India. (end) atk.sd