Riyadh — Indian Prime Minister Narendra Modi invited Saudi companies on Tuesday at Future Investment Initiative to invest in India’s energy sector while praising Saudi leadership which turned “sands of Arabia into Gold”.
PM Modi said that India is aiming to invest $100 billion in refining, pipeline and gas terminals by 2024 to create energy infrastructure.
He also emphasized that the country aims to be a $5 trillion economy in the next five years.
In the infrastructure sector alone, the government aims to have an investment of $1.5 trillion in the next five years, he added.
Modi also said, “I thank Custodian of the Two Holy Mosques King Salman and my brother Crown Prince Muhammad Bin Salman for inviting me to participate in the forum,” while speaking about Saudi Arabia’s rich culture and status as global energy hub.
“My friend and brother Crown Prince Muhammad Bin Salman deserves the heartiest congratulations for this success. This forum is know as ‘Davos in Desert’ and in the last century the hard work of the people of Saudi Arabia and the bounties of nature it is blessed with has converted the sands of Arabia into gold,” he said.
Earlier, he met Saudi Energy Minister Prince Abdulaziz Bin Salman Al-e-Saud and discussed variety of partnership deals between India and Saudi Arabia.