Developing nations influence global economic outlook: Modi

31 Oct '19

1 min read

Pic: Shutterstock

Economic uncertainty is “an offshoot of unbalanced multilateral trade systems”, according to Indian Prime Minister Narendra Modi, who recently said global economic outlook strongly depends on the path chartered by large developing countries like India and Saudi Arabia, both of which have been working together within G20 to reduce inequality and promote sustainable development.

In an interview to a top Arab media outlet, Modi said Saudi Arabia and India have undertaken various business reforms to mitigate the effects of the global economic downturn and the signing of the agreement on the Strategic Partnership Council by both sides would strengthen the already robust relations between the two.

Modi was on a day-long visit to Riyadh on October 29.

From a purely buyer-seller relationship, both the countries are now moving towards a closer strategic partnership that will include Saudi investments in downstream oil and gas projects, he said.

“We are also in the process of entering into agreements on security cooperation, collaboration in defence industries, and also agreed to hold a comprehensive security dialogue mechanism between the two countries,” he said.

Fibre2Fashion News Desk (DS)