Saudis to Hold Investment Forum in India During Crown Prince’s State Visit

(Bloomberg) -- Saudi Arabia and India will host an investment forum during a state visit of Crown Prince Mohammed bin Salman next week which will focus on chemicals, energy, manufacturing and technology projects. 

The crown prince and de facto ruler will meet with Indian Prime Minister Narendra Modi during the visit, which takes place after the Group of 20 summit in New Delhi this weekend. 

India is a top customer for Saudi crude exports, making it the kingdom’s second-largest trade partner last year after China. The South Asian country is shifting back to Middle Eastern crude as Russian cargoes become more expensive. 

India Sees Russian Oil Ebbing as Rival Suppliers Step Up

The investment forum follows similar events by Saudi Arabia in Italy, Japan, Brazil and France as part of broader efforts to diversify its economy away from reliance on oil, the Saudi Ministry of Investment said in a statement late Thursday. 

Saudi Arabia together with the leaders of US, India and the United Arab Emirates may announce a infrastructure deal at the G-20 summit, Axios reported. The project will connect Gulf and Arab countries via a network of railways and link to India through shipping lanes from the ports in the region, the media outlet said. 

©2023 Bloomberg L.P.