The Hindu Business Line : PM stresses need for Indo-Saudi co-operation

THE Prime Minister, Dr Manmohan Singh, said that in view of growing relations and rapidly expanding economic ties between India and Saudi Arabia, the two economies should come closer and jointly co-operate in areas of IT, agriculture, oil and gas, infrastructure.

Dr Singh was speaking at a meeting organised on Wednesday by FICCI, CII, and Assocham. He said that the Indian power and telecom sectors will alone need an investment of $100 billion and the airport modernisation will require foreign capital to the tune of $55 billion, in which the economy of Saudi Arabia can play a leading role.

Dr Singh and the visiting Saudi King Abdullah Bin Abdulaziz Al-Saud, said that they have signed investment protection as well as double taxation avoidance agreements to promote bilateral trade, besides signing 20 agreements for mutual co-operation in a number of areas for mutual gains.

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