India and Saudi Arabia have enjoyed traditionally close and friendly relations, PM Modi said before leaving for Riyadh.
Prime Minister Narendra Modi arrived in Saudi Arabia late on Monday night for an official visit to the kingdom where he will hold a bilateral meeting with King Salman Bin Abdulaziz Al Saud, besides delivering the keynote address to the Future Investment Initiative (FII) Forum.
The Prime Minister was received on arrival by Governor of Riyadh Prince Faisal bin Bandar Al Saud and was accorded a grand welcome at the airport.
The focus of the Prime Minister's visit will be on energy, the launching of RuPay card in the kingdom and a speech at the third FII Forum, also known as the "Davos of the Desert".
He will also hold delegation-level talks with Crown Prince Mohammad bin Salman.
"During my visit to Riyadh, I will hold bilateral discussions with His Majesty the King of Saudi Arabia. I will also meet and discuss with the Crown Prince of Saudi Arabia, HRH Mohammed bin Salman several matters of bilateral cooperation as well as regional and global issues of mutual interest," Modi said before leaving for Saudi Arabia.
"India and Saudi Arabia have enjoyed traditionally close and friendly relations. Saudi Arabia has been one of the largest and reliable suppliers of India’s energy needs," he said in a statement released before his departure for Riyadh.
The Crown Prince during his visit to New Delhi in February 2019 committed to invest over US$100 billion in sectors of priority in India, Modi said.
"Defence, security, trade, culture, education and people-to-people contacts are the other important areas of bilateral cooperation with Saudi Arabia. During the visit, the Agreement for establishment of the Strategic Partnership Council will further elevate the India-Saudi Arabia Strategic Partnership to a new level," he added.
The Strategic Partnership Council which will be headed by PM Modi and crown prince and have two verticals at foreign and trade ministers level.
The highlight of the visit will be PM Modi's speech at the FII Forum in Riyadh. The PM will be attending the third session of the investment meet and will deliver the keynote address. The FII is organised by the kingdom’s sovereign wealth fund – Public Investment Fund - and is organised under 'Vision 2030', the policy which aims to transform the economy of the country from an oil-based economy to a more diversified economy. It was first organised in 2017.
"I also look forward to my participation in the Future Investment Initiative Forum where I will speak about the growing trade and investment opportunities for the global investors in India as the country marches forward to a 5 trillion dollar economy by 2024," Modi said.
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