"Even in Tier-2 and Tier-3 cities, startups have appeared. They are investing on a global scale," PM Modi said.
Prime Minister Narendra Modi on Tuesday addressed the third Future Investment Initiative (FII), a high profile financial summit, also dubbed 'Davos of the Desert', in Saudi Arabia's Riyadh. Modi asked for global investment, saying that India has become the third-largest start-up ecosystem in the world. "Even in Tier-2 and Tier-3 cities, startups have appeared. They are investing on a global scale. I ask global investors to invest in our start-up ecosystem," PM Modi said.
Prime Minister Narendra Modi said that today the world has changed, in the sense that it is 'multi-polar'. "All countries today are interdependent, interconnected. The manner in which the world was viewed 3-4 decades back has changed. We will have to change our thinking," he said, adding, "The importance of the smallest of countries is increasing today. We will have to take a step towards strengthening this multi-polar world and think what contribution we making for the welfare of mankind."
PM Modi began his address by identifying the purpose of the FII forum as a "brilliant initiative" not just aimed at discussing the economic system but also to find ways to address global welfare and understand the current economic trends. He also highlighted the fact that India has set out to become a $5 trillion economy in the next five years.
Modi then proceeded to discuss five current economic trends that, according to him, have been affecting global businesses - Technology, Infrastructure, Human resource, Compassion for the environment, Business/ governance. A particular highlight of the speech was when the Prime Minister called compassion for environment as not just a trend but a 'necessity'.
He then spoke about the importance of having adequate infrastructure for the economic development of a country. He said that India holds such proper infrastructure that it could house investment opportunities from foreign investors.
He also said, "Under Skill India initiative, in the coming 3-4 years, 400 million people will be trained under different skills. This will provide assured skilled manpower to companies investing in India."
The Prime Minister concluded his speech by saying that India plans to invest $100 billion in the sectors of pipelines, gas terminals and refineries by the year 2024, announcing that Saudi Aramco, Saudi Arabia's state-owned oil firm, has decided to invest in the West Coast Refinery Project - an ambitious project set to be the largest refinery in Asia.
Earlier, Prime Minister Modi held talks with Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud and met several Saudi ministers holding portfolios such as energy, labour, agriculture and water technologies to deepen bilateral ties between the two nations in these sectors.
Prime Minister Modi arrived in Saudi Arabia late on Monday night. He was received on arrival by Governor of Riyadh Prince Faisal bin Bandar Al Saud and was accorded a grand welcome at the airport. After landing in Riyadh late last night, the PM 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."
Before leaving India, PM Modi had said that defence, security, trade, culture, education and people-to-people contacts are the important areas of bilateral cooperation with Saudi Arabia. "During the visit, the Agreement for the establishment of the Strategic Partnership Council will further elevate the India-Saudi Arabia Strategic Partnership to a new level," he had said.
PM Modi's speech at the FII Forum in Riyadh is the highlight of his visit to Saudi Arabia.
The FII Forum is also known as the 'Davos in the Desert' which has been hosted by Riyadh since 2017. It is a high-profile annual financial conference that hosts financiers, governments, and industry leaders to discuss global trade and project the Kingdom as a potential investment hub.
The forum is the brainchild of Saudi Crown Prince Mohammed bin Salman, who aims to diversify Saudi Arabia's economy and minimize its economic dependence on petrol under his vision 2030 plan.
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 "PM Modi addressing FII summit in Riyadh")
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