During his two-day visit to Saudi Arabia, PM seeks Saudi investments in India. India and Saudi Arabia have agreed to boost investments and their trade ties as Indian Prime Minister Narendra Modi invited cash-rich Saudi firms to invest in infrastructure and form joint ventures for oil exploration. Saudi Arabia is planning to set up world’s largest sovereign wealth fund of over USD 2 trillion and India was eyeing a major investment from the country which is India’s fourth largest trading partner.
Prime Minister’s two-day visit showcased its initiatives at improving the ease of doing business and efforts to simplify and rationalise existing rules and relax the foreign direct investment norms in key areas, including railways, defence and insurance.
India and Saudi signed 5 MoUs
- Agreement on labour co-operation between the Ministry of Labour of the Kingdom of Saudi Arabia and Ministry of External Affairs of India for the Recruitment of General Category Workers.
- Technical Cooperation Program between the Bureau of Indian Standards (BIS) and the Saudi Standards, Metrology and Quality Organization (SASO).
- Program for Cooperation in the Field of Handicrafts between the Export Promotion Council for Handicraft (EPCH) and Saudi Commission for Tourism and National Heritage.
- MoU between Financial Intelligence Unit – India and the Financial Intelligence Unit-Saudi Arabia.
- Framework for Investment Promotion Cooperation between Invest India and the Saudi Arabian General Investment Authority (SAGIA).
The Prime Minister interacted with a group of 30 top Saudi CEOs and Indian business leaders at the Council of Saudi Chambers of Commerce. Modi said his Government was looking for major investment in defence production, railways and deep sea off-shore oil exploration in coal gasification to produce clean energy.