Modi: India to invest USD 100 bln in energy sector in five yrs

RIYADH, India’s Prime Minister Narendra Modi announced Tuesday that his country is planning to invest USD 100 billion in its own energy sector in five years, hailing Saudi Arabia’s plans to invest in a major Indian refinery project.

“By 2024, we aim to invest USD 100 billion in refining, pipelines, gas terminals. I am happy that Saudi Aramco has decided to invest in West Coast Refinery Project, which will be the largest refinery in Asia,” the Indian premier said in speech at the Saudi-hosted Third Future Investment Initiative (FII).

He noted that India has become the world’s third largest start-up ecosystem.

“Even in Tier-II and -III cities of India, start-ups have come up. Our start-ups have started investing at global scale. I invite global investors to benefit from our start-up ecosystem,” he said.

He shed light on his government-spearheaded Skill India initiative to provide skilled manpower to companies investing in India.

“Under Skill India initiative, in the coming three-four years, 400 million people will be trained under different skills,” he said.

Separately, Prime Minister Modi and Saudi Crown Prince Mohammad bin Salman signed on the sidelines of the forum an agreement on establishing the Saudi-Indian Strategic Partnership Council.

The three-day forum, organized by the Public Investment Fund of Saudi Arabia (PIF), is an international platform for expert-led debate between global leaders, investors and innovators with the power to shape the future of global investment.

Source: Kuwait News Agency