‘Davos in desert’ begins today

Riyadh, Oct. 28: Prime Minister Narendra Modi and several other world leaders will attend the third edition of Saudi Arabia’s high-profile annual financial conference beginning on Tuesday, which is aimed at wooing foreign investors to help the Gulf Kingdom diversify its oilbased economy

Mr Modi, who will arrive in Riyadh late Monday night on a twoday visit, will deliver the keynote address under the title ‘What’s next for India?’ at the forum, which is dubbed as ‘Davos in the Desert’.

Besides addressing the forum he will hold bilateral talks with Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman.

The two sides are expected to sign a number of agreements in several key sectors including oil and gas, renewable energy and civil aviation to bolster their ties.

The three-day Future Investment Initiative (FII), as the forum is officially known, will host financiers, governments, and industry leaders who would discuss global trade and explore the trends, opportunities and challenges shaping the global investment landscape over the coming decades.

US treasury secretary Steven Mnuchin and President Donald Trump’s advisor and sonin-law Jared Kushner will also attend the economic forum, which will also see Pakistan Prime Minister Khan for the second consecutive year.

“India and Saudi Arabia have enjoyed traditionally close and friendly relations. Saudi Arabia has been one of the largest and reliable suppliers of India’s energy needs,” Modi said in his departure statement in New Delhi.

He noted that defence, security, trade, culture, education and people-topeople contacts are the other important areas of bilateral cooperation with Saudi Arabia.

The two sides would also sign an agreement to establish a Strategic Partnership Council to coordinate on key issues.

The council will be headed by Prime Minister Modi and the crown prince and it will meet every two years.