The Prime Minister, Shri Narendra Modi, today interacted with 30 Saudi CEOs and Indian business leaders in Riyadh. He described India and Saudi Arabia as old friends, ready to take bold new steps to a golden future.
Emphasizing the strength of ties between the two countries, he recalled King Salman mentioning that he was taught by an Indian teacher.
He said India had a unique combination of democracy, demography and demand, and several policy initiatives had been taken over the last two years to spur growth and progress.
Speaking about the health sector, he said there was tremendous scope for investment in the manufacturing of medical devices. He said India's health sector which is globally extremely cost competitive, offers immense scope for health tourism. He added that Indian nurses, present in large numbers in the Gulf, are a testament to our well-trained manpower.
He called for taking the economic relationship beyond export and import, to technology transfers and joint investment.
He assured Saudi investors that retrospective taxation was a thing of the past, and his Government believes in a predictable long term taxation regime. He mentioned petroleum, renewable energy, infrastructure, and defence manufacturing, as possible areas for Saudi investment. He said Saudi investment in fertilizers, warehousing, cold chain facilities and agriculture, would be a win-win partnership, as it would ensure good quality food products for Saudi Arabia.
He said India and Saudi Arabia should look at working together in the field of cyber-security.
Harnessing the economic potential of India-Saudi Arabia ties...PM @narendramodi interacts with business leaders. pic.twitter.com/dD2pixEvzS
— PMO India (@PMOIndia) April 3, 2016
This meeting is very important, says PM @narendramodi while meeting business leaders in Saudi Arabia.
— PMO India (@PMOIndia) April 3, 2016
India has demographic dividend, demand and democratic values. These strengths are vital. FDI has increased in India in last 2 years: PM
— PMO India (@PMOIndia) April 3, 2016
GST will happen. Retrospective tax is a matter of the past: PM @narendramodi
— PMO India (@PMOIndia) April 3, 2016
PM on Healthcare: In a sector driven by tech changes, India's low cost tech devices have gained global renown
— Vikas Swarup (@MEAIndia) April 3, 2016
PM: India's health sector which is globally extremely cost competitive can emerge as a bright spot in health tourism
— Vikas Swarup (@MEAIndia) April 3, 2016
PM @narendramodi: Indian nurses, present in large numbers in the Gulf, are a testament to our well trained man power
— Vikas Swarup (@MEAIndia) April 3, 2016
PM @narendramodi: Let us move beyond merely the export-import relationship. Joint investment, tech transfers are areas that we shud explore
— Vikas Swarup (@MEAIndia) April 3, 2016
PM speaks about policy changes in India: My Govt will continue to work towards establishment of a predictable long term taxation regime
— Vikas Swarup (@MEAIndia) April 3, 2016
PM: My Govt is also working twds Banking Sector reform and making sure all our states are on board pic.twitter.com/8IctR6uB4x
— Vikas Swarup (@MEAIndia) April 3, 2016
PM: From Petroleum to renewable energy, infrastructure, defence and agriculture, there is a tremendous opportunity for expanding our coopn
— Vikas Swarup (@MEAIndia) April 3, 2016
PM @narendramodi: India and Saudi Arabia should look at working together for building a dynamic global management sector for the cyber world
— Vikas Swarup (@MEAIndia) April 3, 2016
PM concludes address: #IndiaSaudiArabia are old friends, but we r ready to take bold new steps into a golden future pic.twitter.com/e1329nVaUs
— Vikas Swarup (@MEAIndia) April 3, 2016
