Saudi Crown Prince committed to invest over USD 100 billion in India, says PM Modi ahead of Riyadh visit

Before leaving for Saudi Arabia, PM Narendra Modi said in a statement that during his stay in Saudi Arabia he will attend the Plenary Session of the 3rd Future Investment Initiative Forum being held in Riyadh.

Pic courtesy: ANI

Prime Minister Narendra Modi is scheduled to embark on a one-day official visit to Saudi Arabia on Monday with an aim to boost bilateral ties between the two countries. The prime minister is visiting the oil-rich Gulf nation at the invitation of Saudi King Salman Bin Abdulaziz Al Saud.

Before leaving for Saudi Arabia, PM Modi said in a statement that during his stay in Saudi Arabia he will attend the Plenary Session of the 3rd Future Investment Initiative Forum being held in Riyadh.

"During my visit to Riyadh, I will hold bilateral discussions with His Majesty the King of Saudi Arabia. I will also meet and discuss with the Crown Prince of Saudi Arabia, HRH Mohammed bin Salman several matter of bilateral cooperation as well as regional and global issues of mutual interest," said PM Modi.

I will be visiting the Kingdom of Saudi Arabia on the 29th, where I will be a part of various programmes including the Plenary Session of the 3rd Future Investment Initiative Forum being held in Riyadh. I will also meet His Majesty the King and Crown Prince.

— Narendra Modi (@narendramodi) October 28, 2019

"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. The Crown Prince during his visit to New Delhi in February 2019 committed to invest over US$100 billion in sectors of priority in India. Defence, security, trade, culture, education and people-to-people contacts are the other important areas of bilateral cooperation with Saudi Arabia," he added.

The prime minister also said that he will sign the agreement for the establishment of the Strategic Partnership Council with Saudi Arabia and expressed hope that the signing of this agreement will further elevate the India-Saudi Arabia Strategic Partnership to a new level.

"I also look forward to my participation in the Future Investment Initiative Forum where I will speak about the growing trade and investment opportunities for the global investors in India as the country marches forward to a 5 trillion dollar economy by 2024," remarked PM Modi.