India and Saudi Arabia Bolster Strategic Partnership in Trade and Energy Collaboration
India and Saudi Arabia have announced plans to enhance their strategic partnership through major trade and energy collaborations. During talks between Prime Minister Narendra Modi and Crown Prince Mohammed Bin Salman, the two countries agreed to expedite the implementation of the USD 50 billion West Coast refinery project. They also identified key areas for intensified cooperation, including energy, defense, semiconductor, and space.
Prime Minister Modi emphasized the significance of India’s relationship with Saudi Arabia, describing the Arab nation as one of India’s most important strategic partners. He stressed that the ties between the two countries are crucial for stability and welfare in the region and the world. The leaders held the first meeting of the India-Saudi Arabia Strategic Partnership Council, which was announced in 2019 with the aim of increasing cooperation in critical areas.
Trade, economy, defense, and cultural cooperation were among the main topics discussed between Prime Minister Modi and Crown Prince Mohammed Bin Salman. They highlighted the immense potential for collaboration in areas such as grid connectivity, renewable energy, food security, semiconductors, and supply chains.
The progress of the two Ministerial committees of the Strategic Partnership Council, focusing on political, security, social, cultural cooperation, and economy, and investments, was also assessed. Additionally, the leaders addressed various bilateral relations, including political, security, defense, trade, economy, culture, and people-to-people ties. They also discussed mutual regional and international interests.
The Crown Prince, who was accorded a ceremonial welcome upon his arrival in India, expressed his enthusiasm for strengthening the relationship between both countries. He praised the announcements made at the G20 Summit, stating that they will benefit the world, and expressed his commitment to working together to create a prosperous future.
This visit highlights Saudi Arabia’s position as one of India’s key strategic partners in West Asia. The overall relations between the two nations have witnessed significant growth in recent years, with a particular focus on strengthening defense and security cooperation. The establishment of the India-Saudi Strategic Partnership Council in 2019 further aims to streamline and strengthen bilateral ties.
India and Saudi Arabia share a long history of cooperative relations, with extensive people-to-people connections. Bilateral trade reached an all-time high of USD 52.75 billion in the fiscal year 2022-23. The two nations are major trading partners, with India being Saudi Arabia’s second-largest trading partner and Saudi Arabia ranking as India’s fourth-largest. Moreover, the energy sector serves as a strong pillar of their partnership, with India importing a significant amount of oil from Saudi Arabia.
The first Leaders’ Meeting of the India-Saudi Strategic Partnership Council, co-chaired by Prime Minister Modi and the Crown Prince, signifies a commitment to elevating this partnership to new heights. It encompasses a wide range of bilateral interests and opportunities for collaborative endeavors across various domains. Both countries recognize the immense potential for deeper cooperation and are taking decisive steps towards achieving mutual growth and prosperity.
