New Delhi, 11 Sept : A foreign ministry official said on Monday that India will be connected by train as part of a global Middle East-South Asia rail and ports corridor unveiled on the sidelines of the G20 Summit over the weekend. The international rail and port agreement, which includes the United States, Saudi Arabia, India, the European Union, and the United Arab Emirates, will connect the Middle East to South Asia and is seen as a response to China’s grandiose Belt and Road Initiative. During Saudi Crown Prince Mohammed bin Salman’s state visit to New Delhi on Monday, the two countries discussed the possibility of trading in local currencies and accelerating negotiations for a free trade agreement between India and the Gulf Cooperation Council (GCC), of which Saudi Arabia is a member.
Saudi Arabia to Invest $100 Billion in India: Joint Task Force Formed
According to Ausaf Sayeed, an Indian ambassador, the two nations inked eight agreements on Monday, including one to expand their hydrocarbon energy relationship to include renewable, petroleum, and strategic reserves. Saudi Arabia has been a major supplier of petroleum to India. According to Sayeed, the two nations also agreed to form a joint task force to oversee $100 billion in Saudi investment, half of which is destined for a delayed refinery project along India’s western coast. Sayeed stated that interconnection between India and the Gulf nations will include ports, trains, improved highways, as well as electricity, gas grids, and an optical fiber network.
