India will be launching RuPay card during Prime Minister’s visit, making Saudi Arabia the third country in West Asia after Bahrain and UAE to have the facility.
Prime Minister Narendra Modi
Updated: Oct 28, 2019, 09:43 AM IST
Prime Minister Narendra Modi will embark on a two-day visit to Saudi Arabia on Monday, the first to the kingdom in his second term on the invitation of Saudi King Salman Bin Abdulaziz Al Saud.
The focus of the Prime Minister’s visit will be on energy, the launching of RuPay card in the kingdom and a speech at the third Future Investment Initiative (FII) Forum, also known as the “Davos of the Desert”. He will hold a bilateral meeting with King Salman on Tuesday and separate delegation-level talks with Crown Prince Mohammad bin Salman.
Both sides will be signing a Memorandum of Understanding (MoU) on Strategic Partnership Council which will be headed by PM Modi and crown prince and have two verticals at foreign and trade ministers level.
Under vision 2030, Saudi Arabia has selected eight countries – India, China, UK, US, France, Germany, South Korea and Japan – for forging strategic partnership. The SPC was agreed in February this year and aims to monitor the Strategic partnership between both countries.
The highlight of the visit will be PM Modi’s speech at the Future Investment Initiative (FII) Forum in Riyadh. The PM will be attending the third session of the investment meet and will deliver the keynote address. The FII is organised by the kingdom’s sovereign wealth fund – Public Investment Fund – and is organised under ‘Vision 2030’, the policy which aims to transform the economy of the country from an oil-based economy to a more diversified economy. It was first organised in 2017.
To help 2.6 million Indian community, India will be launching RuPay card during Prime Minister’s visit. Saudi Arabia is the third country in West Asia after Bahrain and UAE to get the facility.
The Indian community in the kingdom sends US $11 billion in remittances.