"I will match your offer and commit today to open an office," Saudi Investment Minister Khalid Al Falih said after India's trade minister Piyush Goyal invited Saudi Arabia to set up an office of its sovereign wealth fund, Public Investment Fund (PIF), in GIFT City.
Goyal also said he would suggest that his ministry starts an investment promotion office in Riyadh.
During the Crown Prince's visit India and Saudi Arabia signed 50 initial pacts in various fields and agreed to form a joint task force for $100 billion in Saudi investment in India, originally announced by the Crown Prince in 2019.
Half of the planned $100 billion is earmarked for a delayed refinery project along India's western coast, an Indian foreign ministry official said.
He said Saudi Arabia is looking to invest in sectors including oil, gas, petrochemicals, new energy, technology, manufacturing and defence.
Persons:
Amit Dave, Narendra Modi, Khalid Al Falih, Piyush Goyal, Prince Mohammed bin Salman's, Goyal, Crown Prince, Falih, Shivangi Acharya, Nidhi Verma, Blassy Boben, Ed Osmond, Susan Fenton
Organizations:
Gujarat International Finance Tec, REUTERS, Indian, Saudi Investment, Public Investment Fund, Crown, United Arab Emirates, Saudi Aramco, Thomson
Locations:
Gujarat, Gandhinagar, DELHI, Saudi Arabia, New Delhi, Dubai, Hong Kong, City, Falih, Delhi, Saudi, Riyadh, India, Indian, Maharashtra