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Rediff.com  » Business » PM woos Saudi firms to invest in India

PM woos Saudi firms to invest in India

January 25, 2006 18:40 IST
Stating that India requires investments of over $100 billion in the power and telecom sectors in the next five years, Prime Minister Manmohan Singh on Wednesday invited Saudi Arabian business houses to undertake massive investments in the infrastructure sector, including airports and railways.

"I invite the business community of the Kingdom of Saudi Arabia to take advantage of these opportunities to further establish mutually beneficial joint venture projects," he said, while addressing the Indo-Saudi Arabia business meet.

The Prime Minister observed that transportation infrastructure, including airports and railways, in India will require another $55 billion over the next ten years.

Earlier, Singh and Saudi King Abdullah Bin Abdul Aziz al-Saud signed bilateral investments and promotion and protection agreement as well as the double taxation avoidance agreement for providing a legal and exclusive framework for promotion of bilateral investments.

Speaking on the occasion, the Saudi King said the agreements would go a long way and have a positive impact in strengthening relations between the two countries.

He invited investment in IT, agriculture, telecom, mining, energy and power sectors.

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