- PM sought investment at Saudi Arabia's key financial summit
- Highlighted start-up environment, scope for infra development
- PM Modi is in Riyadh on a two-day visit
Here are the Top 10 developments in this big story:
"India became a good destination for foreign investment," PM Modi said, outlining big pluses like infrastructure growth and skill development. "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," he said.
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 PM 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.
After reaching Riyadh late Monday night, PM Modi tweeted: "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 expected to sign a number of agreements in several key sectors including oil and gas, renewable energy and civil aviation.
The two sides would also sign an agreement to establish a Strategic Partnership Council to coordinate on key issues. The council will be headed by PM 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 PM Modi's 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.