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Future Investment Initiative - Shanmugam IAS academy in coimbatore
Future Investment Initiative

VISIT TO SAUDI ARABIA

What’s in news?

PM Modi started his visit to Saudi Arabia for about two days to attend a forum and for a bilateral meeting.

Key data’s:

  • The Prime Minister will address the third session of Saudi Arabia’s Future Investment Initiative Forum will is going to held in Riyadh.
  • The initiative is also known as “Davos of the Desert”, which projects the Kingdom as the investment hub of the region
  • Organizer: By the Saudi Arabia’s Sovereign Wealth Fund – the Public Investment Fund.

Other important key notes of this visit:

Two important key components:

  1. Strengthening of the bilateral relationship between the two countries.
  2. Our PM is the keynote speaker at the Future Investment Initiative Forum.

Agreements / MoU:

India and Saudi Arabia to strength their ties, the MoU will be signed in 12 sectors – Civil Aviation, Defence Procurement, Security Cooperation, Non-Renewable Energy, etc.,

India-Saudi Arabia Strategic Partnership Council:

  • It is expected for an MoU between the two countries for the establishments of the India-Saudi Arabia Strategic Partnership Council.
  • As a fourth nation India will be signing the agreements with Saudi Arabia for establishment of the strategic partnership council.
  • Two mechanism of the council:
    • First mechanism: To look at political and diplomatic ties – headed by India’s foreign minister S. Jaishankar and his Saudi counterpart.
    • Second mechanism: To supervise commercial and energy ties – headed by commerce minister Piyush Goyal and his counterpart.
  • The council will report to Modi and Crown Prince Salman.

Future Investment Initiative (FII):

  • FII is an annual investment forum organized by the Public Investment Fund of Saudi Arabia. It was begun in 2017.
  • The first event announced the launch of NEOM, a 500 billion USD economic zone in north west of Saudi Arabia.

Data to know:

  • Around 2.6 million Indians are living in Saudi Arabia and send back remittances to the tune of 11 million dollars annually and this shows strong people to people contact between the two countries.
  • PM Modi’s last visit to Saudi Arabia was in 2016.
  • Davos of the Desert, the initiative was being held since 2017.
  • Saudi Arabia houses Islam’s two most revered pilgrimage sites—the Mecca and Medina mosques.

 

Links to note:

https://www.iasipstnpsc.in/uae-saudi-arabia-central-banks-launch-common-digital-currency-called-aber/

http://www.newsonair.com/News?title=PM-Modi-embarks-on-a-day-long-visit-to-Saudi-Arabia-today&id=373566

https://www.livemint.com/

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