30 Oct 2019
India welcomes investment from Saudi Arabia for infrastructure projects: PM Modi
As reported, Prime Minister Narendra Modi has stated that India is keen on promoting its cooperation with Saudi Arabia, with a major player being investments in the infrastructure sector. During his visit to the Middle Eastern country, Modi emphasised that the two nations were bringing their forces together in a bid to reduce inequality and boost sustainable development.
The visit comes in the backdrop of Saudi’s annual investor summit, the Future Investment Initiative (FII) where Modi will be speaking in relation to not only strengthening the economic ties between the countries but to also extend their cooperation across sectors like trade, investment, security and defence.
Reportedly, the Prime Minister, who already has a well-established relationship with the Saudi crown prince Mohammed Bin Salman, in an interview said that the kingdom played a highly important role in fulfilling India’s energy requirements. He added that it was a reliable source and that stable oil prices were pivotal for the growth of the global economy.
With his second visit in three years, Modi put forward his plan to sign an agreement on a Strategic Partnership Council which is set to further cement the bilateral ties that will branch out to various sectors and segments.
Additionally, the visit also witnessed the Prime Minister speaking on the subject of the global economy in relation to India – the role played by large developing countries will strongly determine any actual change in the economy in the world over.
Apart from infrastructure projects, the country is all set to welcome investments from Saudi Arabia for its Smart City Program as well.