PM Narendra Modi pitches for Saudi, Australian investment

PM Modi also called for speedy conclusion of the Comprehensive Economic Partnership Agreement between India and Australia and said this would impart greater momentum to their ties.

By: Express News Service | Hangzhou | Published:September 5, 2016 12:45 am
narendra modi, g20 summit, xi jinping, China-Pakistan Economic Corridor, CPEC issue, India nsg membership, Pok corridor, india-china relations, BRICS, india news, latest news Hangzhou: Prime Minister Narendra Modi at the opening session of G20 Summit in Hangzhou, China on Sunday. PTI Photo

Prime Minister Narendra Modi made a strong pitch for Australian pension fund investments and Saudi participation in the National Investment and Infrastructure Fund (NIIF) in his bilateral meetings with Prime Minister Malcolm Turnbull and Deputy Crown Prince Mohammad bin Salman Sunday.

Modi also called for speedy conclusion of the Comprehensive Economic Partnership Agreement between India and Australia and said this would impart greater momentum to their ties. “In terms of trade, there is not enough two-way trade. Much more can be done,” said an MEA spokesperson.

The PM also thanked Turnbull for Australia’s support to India for gaining membership in the Nuclear Suppliers Group. “Turnbull said Australia would continue to support India’s NSG membership,” said the MEA spokesperson. The two leaders also discussed defence and security cooperation, assessed recent naval exercises and agreed to remain in touch.

Modi also sought Australia’s support for clean coal technology, given India’s energy targets. “Australia has proven expertise in this and it will be a win-win partnership,” the spokesperson said quoting Modi.

In terms of investment, Modi sought Turnbull’s support to encourage Australian pension funds to explore opportunities in india. The finance minister had recently gone to Australia and outlined major opportunities in the infrastructure sector.

In his meeting with the Saudi Deputy Crown Prince, the PM called for stronger partnership in maritime, infrastructure, energy and low-cost housing sectors. “India could become a source of food supply to the kingdom,” a source said.

Modi invited both Turnbull and the Deputy Crown Prince to visit India. Turnbull is expected to visit India in 2017.