The Prime Minister, Mr. Narendra Modi, has left for Saudi Arabia in an attempt to speed up inbound investments in the face of a slowing domestic economy.
The highlight of the day-long schedule on a number of meetings on Tuesday will be his interactions with Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman followed by keynote address at one of the plenary sessions at ‘Davos of the Desert’ in Riyadh.
Minister of External Affairs official spokesman, Raveesh Kumar Tweeted: PM @narendramodi extended a ceremonial welcome on arrival & greeted by the Governor of Riyadh HRH Prince Faisal bin Bandar Al Saud on his one-day trip to Saudi Arabia. Both countries have entered an exciting phase of expanding the historical India-Saudi ties.
Mr. Modi will be finalising the contours of the India-Saudi Arabia Strategic Partnership Council co-chaired by himself and the Saudi Crown Prince to track joint initiatives that include the highest-ever FDI investment in a proposed refinery in Maharashtra as well as a stake in a Reliance refinery, besides encouraging Gulf’s sovereign wealth funds to invest in Indian Infrastructure Investment Fund.
But Mr. Modi will be more focussed on investments from petro-dollar rich Saudi Arabian sovereign funds as well as get the world’s top investors gathered at Davos of the Desert’ interested in the Indian growth story.