G20 Summit: India and Saudi Arabia establish a strategic partnership
Prime Minister Modi, in his opening remarks, highlighted the strategic significance of the partnership, emphasizing that Saudi Arabia holds a crucial role in India's international relations. He underlined the importance of their cooperation for regional peace and stability and expressed optimism about the newly identified initiatives that would elevate their partnership to new heights.
New Delhi: In a pivotal meeting in New Delhi, Indian Prime Minister Narendra Modi and Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud reaffirmed the importance of their strategic partnership. The discussions centered on collaboration in key areas, including energy security, trade and investment, defense, healthcare, and food security.
Crown Prince Mohammed bin Salman’s visit followed his attendance at the G20 summit in the Indian capital, where global leaders addressed pressing issues. During the first leaders’ meeting of the India-Saudi Arabia Strategic Partnership Council, both leaders took stock of progress made under various Ministerial Committees, spanning political, security, social, and cultural cooperation, as well as economic and investment cooperation.
A significant milestone of the visit was the signing of over two dozen Memoranda of Understanding (MoUs) between companies from India and Saudi Arabia. These agreements encompassed diverse sectors such as information technology, agriculture, pharmaceuticals, petrochemicals, and human resources, reflecting the breadth of their economic collaboration.
Key figures in the Indian government, including External Affairs Minister S Jaishankar and National Security Advisor Ajit Doval, were present during these deliberations.
Prime Minister Modi, in his opening remarks, highlighted the strategic significance of the partnership, emphasizing that Saudi Arabia holds a crucial role in India’s international relations. He underlined the importance of their cooperation for regional peace and stability and expressed optimism about the newly identified initiatives that would elevate their partnership to new heights.
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud and I had very productive talks. We reviewed our trade ties and are confident that the commercial linkages between our nations will grow even further in the times to come. The scope for cooperation in grid… pic.twitter.com/UalSTDmrTY
— Narendra Modi (@narendramodi) September 11, 2023
This meeting further solidified the already strong ties between the two nations, marked by extensive people-to-people interactions. Their bilateral trade reached a historic high of $52.75 billion in the fiscal year 2022-23, making Saudi Arabia India’s second-largest trading partner and vice versa.
The collaborative spirit extends to the energy sector, where India and Saudi Arabia have fostered a robust partnership. Additionally, the unveiling of the India-Middle East-Europe shipping and railway connectivity corridor is set to redefine their economic ties.
The Crown Prince, acknowledging this historic initiative, praised India’s efforts, hailing it as beneficial not only for both nations but also for the entire G20 community and the world. He expressed his commitment to shaping a prosperous future for India and Saudi Arabia through these endeavors.
The India-Middle East-Europe corridor, described as a “game-changer” by experts, has received global recognition. US President Joe Biden, among others, hailed it as a “very big deal.” This groundbreaking project not only promises economic growth but also strengthens digital connectivity across regions.
Prime Minister Modi reiterated that cooperation in the economic sector between India and Saudi Arabia is pivotal for the broader peace and stability of the region. The partnership between these two influential nations continues to evolve, with the potential to shape the geopolitical landscape and foster global economic growth.