PM Modi in Saudi to Attend the Third Edition of Annual Financial Conference

PM Modi will address the forum and will hold bilateral talks with top Gulf Leaders

RIYADH| On Monday late night PM Narendra Modi arrived in Riyadh, Saudi on a two-day visit. Modi is slated to attend the third edition of Saudi Arabia’s high-profile annual financial conference and hold bilateral talks with the top leadership of the Gulf Kingdom.

He tweets about his welcome in Saudi.

PM Modi will deliver the keynote address under the title ”What’s next for India?” at the Future Investment Initiative (FII), which is dubbed as ”Davos in the Desert”.

PM Modi will address the forum and he will hold bilateral talks with Saudi King Salman bin Abdulaziz along with 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 forum 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.

“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,” PM Modi.

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

The two sides would be seen signing 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.

“The Agreement for the establishment of the Strategic Partnership Council will further elevate the

India-Saudi Arabia Strategic Partnership to a new level,” the prime minister added.

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This would be Prime Minister Modi’s second visit to the Gulf Kingdom. During his first visit in 2016, King Salman conferred Saudi’s highest civilian award on him. The Crown Prince visited India in February 2019, giving a further fillip to the bilateral ties.

India’s relations with Saudi Arabia have been on an upswing over the last few years. India’s bilateral trade with Saudi Arabia was at USD 27.48 billion in 2017-18, making Saudi Arabia it’s fourth-largest trading partner.

Saudi Arabia last month said that it was looking at investing USD 100 billion in India in areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals, and mining.

At the FII forum, Prime Minister Modi will speak on India’s economy, its challenges and opportunities for equitable growth and prosperity.

“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,” PM Modi said.

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