Biz Updates: Saudi Crown Prince talks with Trump, says – Intends to invest $600 billion in America

New Delhi| Saudi Arabia wants to invest US$600 billion in the U.S. over the next four years. The Crown Prince there announced this on Thursday. The comments come after President Donald Trump expressed his view of visiting Saudi Arabia as his first foreign visit. Crown Prince Mohammed bin Salman’s comments came to light from the state-run Saudi Press Agency on Thursday when the Crown Prince had a phone conversation with Trump.

“The Crown Prince confirmed the state’s intent to increase its investment and trade with the U.S. to $600 billion over the next four years, and possibly even more”, the report said.

The readout did not elaborate on where these investments and trades would take place. In recent years the US has distanced itself from dependence on Saudi oil exports, which were once the basis of their relations for decades. Saudi Sovereign Wealth Fund has taken a large stake in US businesses.

Walmart announces strategic partnership with India-based startups
US mega retail chain Walmart has announced a strategic pilot partnership with an India-based startup to provide solutions for its US supply chain and sourcing operations.

“Technological innovation is what drives real-world solutions to advance a globally resilient supply chain”, said Kyle Carlyle, vice president of sourcing innovation and supply assurance at Walmart. By collaborating with global innovators, we are leveraging new ideas to build more resilient supply networks”

The three startups selected for these pilot programs include Pune-based KBColles Sciences, Chennai-based GreenPod Labs and Bengaluru-based Cropin, a media release said. These companies participated in the Walmart Growth Summit last year. Each company’s solution will help drive large-scale innovation across Walmart’s supply chains, the release said.