New Delhi: Prime Minister Narendra Modi on Tuesday invited the global investors to invest in India, saying the country has become world’s third-largest start-up ecosystem. He also said global investors should benefit from the Indian start-up ecosystem.
“Today India has become the world’s 3rd largest start-up ecosystem. Even in tier-2 and 3 cities of India, startups have come up. Our start-ups have started investing at a global scale. I invite global investors to benefit from our start-up ecosystem,” PM Modi said while delivering the keynote address at the Future Investment Initiative (FII) in Saudi Arabia
Prime Minister Narendra Modi early Tuesday morning arrived at King Khalid International Airport in Riyadh for his two-day visit to Saudi Arabia during which he attended the third edition of the country’s high-profile annual financial conference.
The Prime Minister was received by the Governor of Riyadh HRH Prince Faisal bin Bandar Al Saud along with other Saudi officials and will be staying at the King Saud Palace during his visit to the Gulf Kingdom. PM Modi was invited by Saudi King Salman Bin Abdulaziz Al Saud for the three-day Future Investment Initiative (FII) forum that begins today.
“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,” the Prime Minister tweeted from his official account.
The two leaders held bilateral talks and signed a number of agreements in key sectors including oil and gas, renewable energy, finance and civil aviation to bolster the ties between the nations. At the forum, PM Modi also launched the RuPay card in the Gulf Kingdom in front of several ministers of the Saudi leadership as well as discuss global trade and explore trends, opportunities and challenges in shaping up an investment landscape worldwide.
A number of world leaders such as King Abdullah of Jordan, Brazilian President Jair Bolsonaro, Nigerian President Muhammadu Buhari, Kenyan President Uhuru Kenyattta and former British Prime Minister David Cameron are attending the annual forum. It was attended by more than 6,000 people from over 30 countries.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, India, also spoke at the forum. PM Modi will deliver his keynote address titled as ‘What’s next for India?’ at the FII forum, which is also known as ‘Davos in the Desert’, hosted in Riyadh every year since 2017.
His address was followed by an interaction with a moderator where PM Narendra Modi will speak on India’s economy, the challenges it is facing as well as opportunities for equitable growth and prosperity.
Meanwhile, PM Modi’s visit to Saudi Arabia assumes significance amid tensions between India and Pakistan following the abrogation of Article 370 of the Indian Constitution that accorded special status to Jammu and Kashmir. Showing resistance, the neighbouring country turned down New Delhi’s request to use the airspace for the PM to fly over to the Kingdom.
This is Prime Minister Narendra Modi’s second visit to the Gulf Kingdom since 2016 when King Salman had conferred him with Saudi’s highest civilian award. Notably, the Crown Prince recently visited India, giving a fillip to the bilateral ties. India’s bilateral trade with Gulf nation stood at $27.48 billion in 2017-18, making India its fourth-largest trading partner.