Riyadh: Prime Minister Narendra Modi on Tuesday called uponglobal investors to benefit from India`s vibrant start-up ecosystem, whichstands as the third-largest in the world, adding that he firmly believes thatany investment in India`s innovation sector would yield huge returns."Indiais the third-largest start-up ecosystem in the world. Even in Tier-II andTier-III cities of India, start-ups have come up. Our start-ups have startedinvesting at a global scale. I invite global investors to benefit from ourstart-up ecosystem. I firmly believe that any investment in innovation wouldgive highest returns," Modi said in his keynote address at the Future InvestmentInitiative (FII) here.

Prime Minister Modi said that Tier-II and Tier-III cities inIndia have emerged as engines of growth and the global companies investing inIndia are assured of skilled manpower. The Prime Minister cited five emergingtrends impacting global business across the world - impact of technology andinnovation, the importance of infrastructure for the global growth, rapidchanges in human resources and future of work, compassion for the environment,and business-friendly governance.

Calling FII a brilling initiative, the Prime Minister saidthat the aim of the forum is not only to discuss the economic system but alsoto understand the rising trends of the world and look for ways aimed at globalwelfare. Prime Minister Modi said that India aims to invest USD 100 billion inrefining, pipelines and gas terminals by 2024.

"I am happy that Saudi Aramco has decided to invest inthe West Coast Refinery Project, which will be the largest refinery ofAsia."He said that as many as 400 million people in India would be trainedin different skill in the coming 3-4 years under the Skill India initiative."Thiswill provide assured skilled manpower to companies investing in India," hesaid. The Prime Minister reiterated his government`s commitment to make India aUSD 5 trillion economy by 2024. The FII Forum is also known as the `Davos inthe Desert` which has been hosted by Riyadh since 2017 to project the Kingdomas a potential investment hub in the region.