Prime Minister Narendra Modi on 29 October 2019 at Riyadh, sought investment at Saudi Arabia's key financial summit, the DAVOS IN THE DESSERT.
Prime Minister Narendra Modi highlighting India's start-up environment, the scope for infrastructure development, sophisticate technology and the government's bid to promote skills and ease procedures.
Prime Minister Narendra Modi on Tuesday 29 October 2019 at Riyadh in Saudi Arabia, urged the global businesses to back Indian startups, saying they will fetch the best possible returns for their capital. In a speech in Riyadh, he also pitched for greater mobility of workforce across borders so that nations can make the best use of emerging opportunities.
Prime Minister Narendra Modi delivering the keynote address at the third Future Investment Initiative (FII) forum in Riyadh, pointed to the emerging trends, which he said nations and investor should take note of, so that they do not miss the tide of opportunities. Modi described the forum, which is widely seen as the most important economic forum in West Asia, as the “Davos of the desert".
Prime Minister Narendra Modi said India will work with Saudi Arabia in its efforts to diversify its economy, and India’s healthcare, energy infrastructure and startups offered big opportunities for global businesses.
The Prime Minister Narendra Modi said that with transformative technologies, such as artificial intelligence and genetics, having become part of people’s lives, India has put in place an ecosystem for startups in a wide range of industries, including hospitality, medical treatment, transportation, tourism and food delivery. India, he said, has emerged as the third largest ecosystem for startups in the world.
Prime Minister Narendra Modi said that, “I urge all investors, including venture capital funds, to take full advantage of our startup ecosystem. Investment in India’s innovation will fetch you the best possible returns. That will not only yield financial dividends, but also empower the youth."
The Prime Minister Narendra Modi said the blueprint for India to double the size of its economy to $5 trillion over the next few years is ready. He also highlighted the emerging trends in the areas of infrastructure, human resources and nature of work, environment and business-friendly government.
Prime Minister Narendra Modi said that liberalized global trade should not be limited merely to the supply of goods, but should also cover manpower and talent mobility, the rules of which need to be simplified. Global trade rules are still to be liberalized to allow free movement of personnel for work.
However, Gulf countries account for a large part of remittances India receives. According to a World Bank report released in April, India was the top recipient of remittances in 2018 at $79 billion, followed by China, Mexico and the Philippines.
Prime Minister Narendra Modi assured investors that they will get skilled manpower in India for their operations.
Prime Minister Narendra Modi said India was making big investments in infrastructure, which will also benefit investors.
Prime Minister Narendra Modi said the government’s goal is to have a $1.5 trillion investment in infrastructure over the next few years as it implements an integrated approach to offering amenities to people in the form of a unified power grid, gas grid, water grid, mobility card and an optical fibre network.
Prime Minister Narendra Modi said that “Infrastructure growth in India will be in double digit. There is no room for capacity saturation. This sector, too, offers guaranteed returns."
The Prime Minister Narendra Modi held a series of meetings with the leadership of Saudi Arabia earlier in the day.
Prime Minister Narendra Modi tweeted that he had an excellent meeting with Prince Abdulaziz bin Salman, and that energy remained an important pillar of bilateral ties.
Prime Minister Narendra Modi said that environment, water and agriculture are sectors in which there is a lot of potential for cooperation between the two nations. India is taking the leadership in promoting the use of sustainable sources of energy, such as solar power, he said.
Prime Minister Narendra Modi said that, “We are committed to work together to make our environment better and effectively harness water resources."
India is keen to attract foreign investments into its energy and infrastructure projects as state-run banks saddled with over $8 trillion of toxic assets have turned conservative in lending decisions while trying to help turnaround or recover dues from defaulting businesses through bankruptcy resolution proceedings.
Prime Minister Narendra Modi landed in Riyadh this morning on a two-day visit, during which he is expected to hold bilateral meets with Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman.
Prime Minister Narendra Modi in the morning, met the important Saudi Ministers, including the country's Energy Minister, in the backdrop of the two nations' decision to develop an oil refinery in Maharashtra's Raigarh with investment from Saudi oil giant Aramco.
Prime Minister Narendra Modi outlining big pluses like infrastructure growth and skill development said that,"India became a good destination for foreign investment."
Prime Minister Narendra Modi at Riyadh Said that, "India is the third biggest start-up ecosystem. There has been a lot of investment, from food delivery, hospitality, tourism and medical treatment. I request world investors to take advantage of it."
The third edition of Saudi Arabia's high-profile annual financial conference is hosting financiers, governments, and industry leaders who would discuss global trade and explore trends, opportunities and challenges shaping the global investment landscape.
Saudi King Salman bin Abdulaziz hosted Prime Minister Narendra Modi for lunch after a short meeting, during which the two leaders exchanged views on working closely to strengthen the bilateral ties.
The two leaders condemned terrorism in all its forms, and agreed to step up bilateral security cooperation.
Prime Minister Narendra Modi after reaching Riyadh late last night on 28 October 2019, said that: "I 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".
India and Saudi Arabia are signed a number of agreements in several key sectors including oil and gas, renewable energy and civil aviation.
The two sides also signed an agreement to establish a Strategic Partnership Council to coordinate on key issues. The Council will be headed by Prime Minister Narendra Modi and Crown Prince Mohammed bin Salman, and meet every two years.
India's ties with Saudi Arabia have been on an upswing over the last few years. Last month, Saudi Arabia said that it was looking at investing $100 billion in India in areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining.
In 2017-18, India's bilateral trade with Saudi Arabia was at $27.48 billion, making Saudi Arabia its fourth largest trading partner.
This is Prime Minister Narendra Modi second visit to the Gulf Kingdom. In 2016, during his first visit, he was given the highest civilian award of Saudi Arabia by King Salman.
Crown Prince Mohammed bin Salman visited India in February 2019.
India, the world's third-largest oil consumer, imports 83 per cent of it. Saudi Arabia is its second-largest supplier after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.