Economy

Saudi investments in NIIF, oil sector to be finalised at PM’s visit next week

Our Bureau New Delhi | Updated on October 25, 2019

Prime Minister Narendra Modi   -  HANDUT_E_MAIL.

India hopes to finalise Saudi Arabia’s investments in its National Infrastructure Investment Fund during Prime Minister Narendra Modi’s visit to the country next week.

The two countries are also expected to sign pacts for a joint venture between Indian Oil Middle East and Al-Jeri Company for cooperation, for greater number of flights between the two countries, for cooperation in renewable energy and for cooperation amongst diplomatic institutes.

Modi will visit Saudi Arabia on October 29 at the invitation of King of Saudi Arabia, Salman bin Abdul Aziz al Saud. He will attend the third session of the Future Investment Initiative Forum in Riyadh on October 29, meet the King and hold delegation level talks with Crown Prince of Saudi Arabia Mohammad bin Salman, according to an official statement from the Ministry of External Affairs.

India hopes to finalise Saudi investment in the National Infrastructure Investment Fund during the visit, the statement said. “We are in the process of finalising the details. We have signed agreements on general category of workers as well as for the workers under the domestic sector to ensure their welfare by regulating their terms and conditions of employment. We hope to launch the integration of our e-Migrate system and Saudi portals (for safeguarding work conditions) during this visit,” it said.

The bilateral discussion on civil aviation had taken place recently between the two sides and there has been a broad agreement to enhance the number of flights between the two countries in phases keeping in mind interest of our carriers. “We hope to sign a MoU on this enhanced quota during the visit,” the MEA said.

India had already increased seating capacity per week by 8000 seats during the visit of the Crown Prince earlier this year.

The country hopes to sign a MoU on a joint venture between Indian Oil Middle East with Al-Jeri Company of Saudi Arabia for downstream cooperation for setting up retail outlets in Saudi Arabia. “We have also invited the Saudi side to participate in India’s strategic petroleum reserves and we hope to finalise the MoU during this visit,” the statement said.

India is also looking at enhancing cooperation in renewable energy.

Published on October 25, 2019

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