Saudi Arabia to invest 500 million dollars in India's IT sector
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Indian Prime Minister Narendra Modi with Crown Prince of Saudi Arabia Mohammed bin Salman (Representational Image/File Photo)
Saudi Arabia plans to invest more in international markets with the aim of economic diversification and development. Hence, the country is preparing to invest more in India. The investment will be made by the Saudi Public Investment Fund. The agreement is to invest another $ 500 million in the IT sector.
"PIF is increasing its investment as one of the most promising markets in the international market,The investment will be in the field of digital fiber optic infrastructure",said a spokesman for the Public Investment Fund said
"The agreement is for a capital investment of $ 500 million,The move is a part of the national economic diversification."the spokesman added
The move also looks ahead to the implementation of targets being implemented as part of the National Transformation Plan. Economically strengthening the local base and increasing its presence in international markets are also part of PIF's declared policies.
Apart from India, PIF has been making similar investments in other countries. A PIF spokesperson said the company plans to invest in all types of companies and agencies that have the potential to make a profit in the future.
PIF currently has investments in the Ambani Group's Geo platform in India.