India to invest $100 bn in refining, pipeline, gas terminals by 2024: PM

Prime Minister Narendra Modi is attending the Future Investment Initiative, dubbed 'Davos in the desert', in Saudi Arabia

Prime Minister Narendra Modi, who is on a two-day visit to Saudi Arabia to attend the third edition of the kingdom's high-profile annual financial conference, on Tuesday said, "By 2024, we aim to invest $100 billion in refining, pipelines, gas terminals. I am happy that Saudi Aramco has decided to invest in West Coast Refinery Project, which will be the largest refinery in Asia".

"Today, India has become the world's third largest start-up ecosystem. Even in Tier-II and -III cities of India, start-ups have come up. Our start-ups have started investing at global scale. I invite global investors to benefit from our start-up ecosystem", said PM Modi.

PM Modi is attending the Future Investment Initiative, dubbed 'Davos in the desert', an initiative of Saudi Crown Prince Mohammed bin Salman.

The prime minister further added: "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".

This is PM Modi's second visit to the Gulf Kingdom. During his first visit in 2016, King Salman had conferred Saudi''s highest civilian award on him. Crown Prince Salman had visited India in February this year, giving a further fillip to the bilateral ties.

Saudi Arabia on Tuesday announced that 23 investment agreements totalling more than $15 billion in value were signed on the first day of a three-day high-profile financial summit, being attended by Prime Minister Narendra Modi and several other world leaders.

The deals were signed on the sidelines of the Future Investment Initiative, dubbed "Davos in the desert", which is an initiative of Saudi Crown Prince Mohammed bin Salman, who plans to diversify the Kingdom''s economy while reducing its economic dependence on petroleum products under his ambitious vision 2030 plan.
"Totaling more than $15 billion in value, these agreements were exchanged by signatories in a dedicated ceremony held at the Ritz-Carlton hotel in Riyadh. Coordinated under Invest Saudi," the Saudi Arabian General Investment Authority (SAGIA) said in a statement.

These agreements reflect the enormous potential that Saudi Arabia offers to investors from across the Kingdom and around the world, it added.
 

The three-day forum is hosting financiers, governments and industry leaders who would discuss global trade and explore the trends, opportunities and challenges shaping the global investment landscape over the coming decades.