Modi lands in Riyadh, hails Saudi Arabia as ‘valued friend’
Modi told the audience that India’s roadmap for achieving its target of becoming a $5 trillion economy by 2024 was ready, and appealed to global businesses to invest in the country
Indian Prime Minister Narendra Modi arrived in Riyadh on a two-day official visit on Monday night.
The Indian premier described Saudi Arabia as a “valued friend.” Modi tweeted, “Landed in the Kingdom of Saudi Arabia, marking the start of an important visit aimed at strengthening ties with a valued friend. Will be taking part in a wide range of programmes during this visit.” Modi met with Saudi King Salman Bin Abdulaziz Al-saud who hosted lunch in honour of the visiting Indian leader.
“A relationship reflecting centuries-old ties! PM A@narendramodi was warmly welcomed by Saudi King HM @Kingsalman underlining a new dimension to our expanding relationship. His Majesty hosted a lunch in honour of Prime Minister,” tweeted MEA spokesperson Raveesh Kumar.
Modi is on a day’s official visit during which the two sides will ink an agreement to set up the Strategic Partnership Council to elevate the India-saudi ties to a new level.
Modi atended the Plenary Session of the Third Future Investment Initiative Forum being held in Riyadh.
Modi told his global audience at the Future Investmentinitiative(fii)forumthatindia’sroadmap for achieving its target of becoming a $5 trillion economy by 2024 was ready, and appealed to global businesses to invest in the country.
Delivering the keynote address at the third session of the FII, Modi said that investments by Saudi companies in India is a welcome trend which is set to deepen in the months to come.
He said that by 2024, India aims to invest $100 billion in refining and in seting up pipelines and gas terminals. “I am happy that Saudi Aramco has decided to invest in the West Coast Refinery Project, which will be the largest refinery of Asia,” he said.
Modi thanked the Saudi King Salman and Crown Prince Mohammad Bin Salman, and said that in five years, his government has taken major measures to liberalise investment in the country.
“I thank the King and my brother, the Crown Prince, for the invite to address this forum,” said Modi, who is on a day’s visit to Riyadh on the invite of the Saudi King.
Describing Saudi Arabia as an energy centre, the Prime Minister said the FII forum aims not just to boost investment in Saudi Arabia but also in the world, and is an important platform to understand emerging trends and find pathways.
He said the warmth in India-saudi ties has a feeling of kinship and also described Saudi Arabia as a close neighbour and brother country of India.
He spoke of the one nation, one grid, one power, one mobility card, and one optical fibre network, and said this was part of the move to integrate India’s infrastructure sector.
“We are building homes for every Indian, and bringing water and electricity to each home,” he said, adding that they have added speed to the infrastructure building in view of the 75th anniversary of India’s Independence in 2022.
He said India’s infrastructure growth will be in double digits, but there will be no capacity saturation, and assured that investors will get returns.
“Under Skill India initiative, in the coming three-four years, 400 million people will be trained under different skills. This will provide assured skilled manpower to companies investing in India,” he said.
“Today India has become the world’s third largest start-up ecosystem. Even in tier two and three cities of India startups have come up. I invite global investors to benefit from our startup ecosystem,” Modi added.
The Strategic Partnership Council agreement to be signed between India and Saudi Arabia will strengthen the already robust relations between the two nations, visiting Prime Minister Narendra Modi said here on Tuesday.
India will become the fourth country to sign such an agreement with Saudi Arabia.
Modi, who reached Riyadh on Monday night on a two-day official trip, described the nation as a “valued friend” of India in a tweet earlier. This is his second visit to the Kingdom in three years.
Speaking to Arab News, Modi said the two countries have been working together within the G20 to reduce inequality and promote sustainable development. Saying stable oil prices were crucial for the growth of the global economy, Modi praised Saudi Arabia’s role as an important and reliable source of India’s energy requirements.