Saudi Arabia has agreed with India in principle to invest about $100 billion, half of which is earmarked for the Saeed oil refinery project along India's west coast.
During a meeting with Indian officials in New Delhi on Monday, Saudi Crown Prince Mohammed bin Salman discussed the possibility of trading in local currencies and accelerating negotiations on a free trade agreement between India and the Gulf Cooperation Council.
Saudi Arabia and India signed 20 economic, trade, banking and technological cooperation agreements between the two countries today, as part of their efforts to promote common rapprochement.
Saudi Crown Prince Mohammed bin Salman has been visiting India since Friday to participate in the work of the Group of Twenty summit, which ended on Sunday, while an indefinite official visit began today.
Bin Salman witnessed the opening of the Saudi-Indian Investment Forum today, according to the Saudi Al-Ekhbariya channel (government).
The Saudi Ministry of Investment said that the Kingdom and India will sign more than 50 agreements at the forum, and explained that the agreements varied to include the sectors of information and communication technology, entrepreneurship, chemicals, energy and advanced industries.
On the sidelines of the forum, Saudi Investment Minister Khalid al-Falih said the kingdom would consider opening an office for the sovereign wealth fund at the global technological financial center (Gift City) in Gujarat in the west of the country.
After inviting Indian Commerce Minister Piyush Goyal to open an office in the city, Falih added, "I support your offer and commit today to opening an office" in the city, which is India's financial services hub.
Goyal also said he would propose that his ministry set up an investment promotion office in Riyadh.
India, the world's third-largest importer of crude oil, after China and the United States, has a daily average of more than 4.2 million barrels, according to OPEC data, with Saudi Arabia among its top oil exporters.