Royal boost likely for govt as Saudi Prince plans trip

New Delhi: Saudi Crown Prince Mohd Bin Salman is planning his maiden trip to India soon, it is learnt. The development could give the poll-bound government a big boost to stabilising oil prices amid crisis in Venezuela and investments in key sectors.

Saudi Arabia’s investments in India remain relatively low despite its financial clout and upward trajectory in Indo-Saudi political ties. The richest Gulf country and India’s top oil supplier is now planning to invest big in India, ET has learnt. Prince Salman’s trip, if materialises, could take the Indo-Saudi economic and strategic partnership, including security ties, to the next level, according to people familiar with the development.

After a meeting between PM Narendra Modi and Crown Prince Salman in Buenos Aires last November, the two nations decided to set up a mechanism for promoting Saudi Investments across energy, defence, food security and manufacturing sectors over the next 2-3 years. Salman was the first leader that Modi met after reaching Argentina and there was visible warmth when the two leaders met.


The crown prince is learnt to have informed the prime minister that Saudi Arabia will be finalising an initial investment into the National Infrastructure Fund. He also referred to the prospects for investment in technology, agriculture and energy sectors.

Modi had stressed on the importance of stable and predictable energy prices and some discussions took place between the two leaders on how Saudi Arabia could contribute and help stabilise the energy prices, particularly for India.

“The crown prince was especially mindful of the contribution that Indians have made in the building of Saudi Arabia over the years and he specifically expressed appreciation for this. The prime minister, of course, expressed happiness over this and also thanked him for looking after the well-being of our citizens there,” foreign secretary Vijay Gokhale told reporters after Modi-Salman meet. Saudi Arabia is India’s fourth largest trade partner after China, the US and the UAE. “The visit of PM Narendra Modi to Riyadh from April 2-3, 2016 could be seen as a turning point in our growing engagement with the Kingdom of Saudi Arabia, which has taken an upward strategic direction,” the external affairs ministry said in a statement.