RIYADH: Prime Minister Narendra Modi today invited oil-rich Saudi Arabia’s top business tycoons to invest in India’s key sectors like defence, insurance, railway and oil as he projected his country as an attractive investment destination even in the face of a global economic slowdown.
Saudi Arabia is planning to set up world’s largest sovereign wealth fund of over USD 2 trillion and India was eyeing a major investment from the country which is India’s fourth largest trading partner.
Listing policy initiatives taken by his Government to boost economic growth, Modi said his Government was looking for major investment in defence production, railways and deep sea off-shore oil exploration in coal gasification to produce clean energy.
The Prime Minister made the pitch while interacting with a group of 30 top Saudi CEOs and Indian business leaders at the Council of Saudi Chambers of Commerce here.
The Saudi business honchos, who attended the interaction, collectively account for a major share of the Saudi GDP.
Talking about his government’s initiative in “high temperature deep sea off shore exploration”, Modi invited Saudi investment in the sector which has been opened up for FDI from this month. (AGENCIES)
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