Narendra Modi in Saudi Arabia: PM urges global investors to benefit from India's start-up system, promises 'highest returns'

Riyadh: Prime Minister Narendra Modi on Tuesday called upon global investors to benefit from India’s vibrant start-up ecosystem, which stands as the third-largest in the world, adding that he firmly believes that any investment in India’s innovation sector would yield huge returns. “India is the third-largest start-up ecosystem in the world. Even in Tier-II and Tier-III cities of India, start-ups have come been founded. Our start-ups have started investing at a global scale. I invite global investors to benefit from our start-up ecosystem. I firmly believe that any investment in innovation would give highest returns,” Modi said in his keynote address at the Future Investment Initiative (FII).

PM Modi at Future Investment Initiative (FII), Saudi Arabia: Today world has changed, it is multi-polar today. All countries in today are interdependent, inter connected. The manner in which the world was viewed 3-4 decades back has changed. We will have to change our thinking. pic.twitter.com/6E5U87teCL

— ANI (@ANI) October 29, 2019

Modi said that Tier-II and Tier-III cities in India have emerged as engines of growth and the global companies investing in India are assured of skilled manpower. The prime minister cited five emerging trends impacting global business across the world — impact of technology and innovation, importance of infrastructure for the global growth, rapid changes in human resources and future of work, compassion for the environment, and business-friendly governance. Calling FII a brilliant initiative, the prime minister said that the aim of the forum is not only to discuss the economic system but also to understand the rising trends of the world and look for ways aimed at global welfare. Modi said that India aims to invest $100 billion in refining, pipelines and gas terminals by 2024. “I am happy that Saudi Aramco has decided to invest in the West Coast Refinery Project, which will be the largest refinery of Asia.” He said that as many as 400 million people in India would be trained in different skill in the coming three to four years under the Skill India initiative. “This will provide assured skilled manpower to companies investing in India,” he said. Modi also reiterated his government’s commitment to make India a $5 trillion economy by 2024. The FII Forum is also known as the ‘Davos in the Desert’ which has been hosted by Riyadh since 2017 to project the Kingdom as a potential investment hub in the region.