NEW DELHI, Feb 21 (NNN-AGENCIES) – Saudi Arabia’s Crown Prince Mohammad bin Salman said Wednesday 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 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.
In a joint press appearance after talks with Indian Prime Minister Narendra Modi, the crown prince, also known as MBS, said that 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.
India blames Pakistan for not doing enough to counter militant groups that operate from its soil including the one that claimed responsibility for the Kashmir car bombing last Thursday.
Pakistan denies ties to cross-border terrorism and has said it would retaliate against Indian attacks.
“We face similar challenges, chief among them extremism and terrorism … and we reaffirm to India that we are ready to work in the intelligence and political arenas to coordinate our efforts …” the crown prince said. Saudi Arabia’s domestic security structure helped put down an Al-Qaeda bombing campaign over a decade ago.
But the kingdom still faces occasional attacks by Daesh (ISIS) militants and Shiite militants in its Eastern Province.
Riyadh leads a coalition of Arab states fighting in support of Yemen’s internationally recognized government against the Iran-aligned Houthi fighters, who regularly fire rockets across the kingdom’s southern border.
On trade relations, the crown prince said: “We expect the opportunities we are targeting in India in various fields to exceed $100 billion in the coming two years.”
Sectors of interest included energy, infrastructure, agriculture and manufacturing, Tirumurti said, adding that Saudi Arabia’s focus was on expanding non-oil trade with India.
Saudi Aramco said it was in talks with India’s Reliance Industries Ltd. for possible investments and was seeking other opportunities.
Modi has sought to use India’s fast-growing economy to attract more investment from Saudi Arabia and other Islamic countries since he took office.
The two countries signed agreements on investment in infrastructure, the housing sector and tourism.