Joint Statement issued on visit of Prime Minister to kingdom...| MENAFN.COM

Wednesday, 17 August 2022 07:14 GMT

Joint Statement issued on visit of Prime Minister to kingdom 5 Riyadh

(MENAFN- Saudi Press Agency)
21. The Indian side highlighted the key initiatives taken by the Government of India to improve the ease of doing business
in the country and India's key efforts to simplify and rationalize existing rules and relax the foreign direct investment
norms in key areas including railways defence and insurance. Inviting the Kingdom of Saudi Arabia to be a partner in India's growth
story Prime Minister Modi encouraged Saudi Aramco SABIC and other Saudi companies to invest in the infrastructure
sector in India and to participate in projects creating mega industrial manufacturing corridors smart cities as well as the
Digital India and Start up India programmes.
22. The Saudi side expressed its interest in investing in infrastructure development in India especially in priority areas
such as railways roads ports and shipping. The Saudi side welcomed interest of Indian side in investing in the
Kingdom especially taking advantage of the competitive investment opportunities offered by the Saudi economic and
Industrial cities.
23. Both leaders also welcomed the signing of the framework agreement between the General Investment Authority in
the Kingdom of Saudi Arabia and Invest India aimed at facilitating investments by the private sectors in the two countries.
24. Keeping in view the importance of energy security as a key pillar of the strategic partnership the two leaders
expressed satisfaction at their growing bilateral trade in the energy sector acknowledging the Kingdom of Saudi Arabia as the largest
supplier of crude oil to India.
25. The two leaders agreed to transform the buyer-seller relationship in the energy sector to one of deeper partnership
focusing on investment and joint ventures in petrochemical complexes and cooperation in joint exploration in India and in third countries. The two sides also agreed to focus on areas of training and human resources
development and cooperation in research and development in the energy sector. In this regard the two leaders
expressed the need for regular meetings under the umbrella of Indian-Saudi Arabia Ministerial Energy Dialogue.

01:36 LOCAL TIME 22:36 GMT

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