By NNN-PTI,
Riyadh : India has invited investment from Saudi Arabia, particularly in infrastructure and power generation sectors, to raise the longstanding economic cooperation to greater levels.
“India and Saudi Arabia have a long tradition of economic cooperation which is being enhanced today with the pursuit of ties in areas such as energy, information technology and telecommunication,” External Affairs Minister Pranab Mukherjee said at an Indian community reception here last evening.
Indo-Saudi joint ventures are increasing as businesses continue to identify new areas for partnership, he said, specifying IT sector in which companies like Infosys, Wipro and Tata Consultancy are already flourishing in this country.
He said many Indian entrepreneurs have shown interest in setting up joint venture operations in Saudi Arabia in sectors like construction, pharmaceuticals and industrial processing.
“Similarly, India too is looking towards Saudi Arabia for investment in our infrastructure, power generation and other mega projects,” said the External Affairs Minister who is on a two-day visit here since yesterday.
Earlier, he noted that India would need investment to the tune of 600 million dollars over the next five years in these critical areas to sustain its high economic growth.
Referring to India’s energy security, he described Saudi Arabia as an important component in this aspect as 26 per cent of its fossil fuel requirement is sourced from this hydrocarbon-rich country.