PM Modi wraps up FII 2019 visit, discusses key topics with Saudi leadership

Indian Prime Minister Narendra Modi wrapped-up his visit in Saudi Arabia on Tuesday during which he signed multiple memorandums of understanding (MoUs), held extensive talks with local leadership, and addressed the Future Investment Initiative (FII) 2019.

PM Modi held bilateral discussions with Crown Prince Mohammed Bin Salman to focus on regional and international issues of mutual interest and stressed on the importance of expanding the trade and investment ties in order to advance strategic co-operation.

During the visit, a number of MoUs were signed in several areas, including energy, civil aviation, security cooperation, defense, launch of RuPAY cards, and regulation of medical products to further strengthen cooperation across the sectors.

The MoUs are as follows:

1) Strategic Partnership Council Agreement signed between Modi and the Prince Salman

2) MoU on cooperation in the field of renewable energy between Saudi Ministry of Energy and Ministry of New & Renewable Energy of India

3) Agreement on security cooperation

4) MoU for cooperation in the field of combating illicit trafficking and smuggling of narcotic drugs, psychotropic substances and chemical precursors

5) MoU between Saudi General Authority of Military Industries (GAMI) and Department of Defence Production, Ministry of Defense concerning collaboration in military acquisition, industries, research, development and technology

6) MoU for cooperation in the field of Civil Aviation

7) MoU between Central Drugs Standard Control Organization (CDSCO), Ministry of Health & Family Welfare, and Saudi Food & Drug Authority (SFDA) for cooperation in the field of medical products regulations

8) Letter of Intent (LoI) between Small and Medium Enterprises General Authority (Monshaat) and Atal Innovation Mission (AIM), NITI Aayog of India

9) Cooperation program between Foreign Service Institute, Ministry of External Affairs (MEA), and Prince Saud Al Faisal Institute of Diplomatic Studies (IDS) of Ministry of Foreign Affairs of Saudi Arabia

10) MoU between Indian Strategic Petroleum Reserves Limited (ISPRL) and Saudi Aramco

11) MoU for cooperation between National Stock Exchange (NSE) and Saudi Stock Exchange (Tadawul)

12) MoU between National Payments Corporation of India (NPCI) and Saudi Payments

During his address at the FII 2019, PM Modi also invited Saudi companies to invest in India’s energy sector as the government has planned $100 billion investment in the sector by 2024.

It is always a delight to meet His Royal Highness Prince Mohammed bin Salman bin Abdulaziz. His vision for Saudi Arabia is remarkable. We had an extensive meeting during which we discussed numerous issues. Stronger friendship between our nations augurs well for our people. pic.twitter.com/33qiXnV7H7

— Narendra Modi (@narendramodi) October 29, 2019

Write to Paromita Dey at paromita.d@argaamplus.com