April 4: "Inviting Saudi Arabia to be a partner in India's growth story, Modi encouraged Saudi Aramco, SABIC and other Saudi companies to invest in the infrastructure sector in India and to participate in projects creating mega industrial manufacturing corridors, smart cities as well as the Digital India and Start up India programmes," the statement said.
The Saudi side expressed its interest in investing in infrastructure development in India, especially in priority areas such as railways, roads, ports, and shipping.
The Saudi side also welcomed interest of India in investing in the Kingdom, especially taking advantage of the competitive investment opportunities offered by the Saudi economic and industrial cities.
India is 79 per cent dependent on imports to meet its oil needs and Saudi Arabia is its largest supplier.
The two sides also agreed to focus on areas of training and human resources development and cooperation in research and development in the energy sector.
"In this regard, the two leaders expressed the need for regular meetings under the umbrella of India-Saudi Arabia Ministerial Energy Dialogue," it added.
Both leaders appreciated the well-functioning bilateral institutional mechanisms in the field of trade & investment, energy, defence and manpower.
"They noted that new and potential areas of cooperation identified during the meetings held under these mechanisms had a constructive effect on the expanding bilateral ties and further called for effective implementation of the decisions made under the framework of these mechanisms," it said.
Both leaders also welcomed the signing of the framework agreement between the General Investment Authority in Saudi Arabia and Invest India aimed at facilitating investments by the private sectors in the two countries
-PTI
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