PM Modi, crown prince Mohammed bin Salman draw India, Saudi into tighter strategic embrace
NEW DELHI: The India-Saudi Arabia strategic embrace got tighter on Monday with the two sides focussing on deepening cooperation in energy, trade, defence and security as they signed eight agreements. Prime Minister Narendra Modi told visiting crown prince and PM Mohammed bin Salman (MbS) that the relationship between the two fastest growing economies is important for regional and global stability, human welfare and prosperity.
After participating in the G20 summit, MbS had stayed back for a state visit on Monday during which the two countries also announced formation of a taskforce to channel investments into India worth $100 million, which the Saudi government had announced in 2019 and half of which is meant for the upcoming refinery in Maharashtra, backed by Saudi oil giant Aramco. They also elevated their partnership in hydrocarbons to a comprehensive energy partnership.
PM Modi, MbS endorse plans to push talks for India-GCC FTA
As PM Modi and Saudi Arabia crown prince and PM Mohammed bin Salman chaired the first leaders’ meeting of the Strategic Partnership Council, which was instituted during his visit to Riyadh in 2019, the Prime Minister said the “historic” India-West Asia-Europe economic corridor announced on the margins of the G20 summit would enhance economic and energy cooperation and also improve digital connectivity.
While it is not clear how the initiative, which is being touted as a response to China’s BRI, will be funded, MEA secretary for overseas Indian affairs Ausaf Sayeed said the project would have railroads running to India. Mohammed bin Salman endorsed the project and said it would require hard work and cooperation by all.
“Today, we are working on future opportunities. I congratulate you on the management of the G20 summit and the objectives achieved, including the economic corridor linking the Middle East, India and Europe, which requires that we work diligently to make it a reality,” he said.
The Prime Minister thanked Salman for protecting the interests of the Indian community in Saudi Arabia and also for contributing to the success of the G20 summit. PM Modi said he and Salman had identified new initiatives to take the relationship to the next level. “The scope for cooperation in grid connectivity, renewable energy, food security, semiconductors, supply chains is immense,” PM Modi said on X.
The government said that it would also have monitoring committees to ensure timely implementation of projects related to the refinery in Maharashtra. “Both sides decided to fully support early implementation of the trilateral west coast refinery project involving Aramco, Abu Dhabi National Oil Company and Indian firms,” Sayeed said. Saudi authorities in 2019, just before Modi’s visit to Riyadh, had announced their intention to invest $100 billion in India in areas like refinery, petrochemicals, infrastructure, mining, and agriculture. Around $44 billion was then earmarked for the refinery and petrochemicals project in Maharashtra.
The two leaders also endorsed plans to resume and expedite negotiations for an India-GCC FTA. The Gulf Cooperation Council (GCC) is India’s largest trading partner bloc with annual bilateral trade valued at over $150 billion. Both sides want a comprehensive agreement with significant coverage of goods and services, according to the Indian government.
After participating in the G20 summit, MbS had stayed back for a state visit on Monday during which the two countries also announced formation of a taskforce to channel investments into India worth $100 million, which the Saudi government had announced in 2019 and half of which is meant for the upcoming refinery in Maharashtra, backed by Saudi oil giant Aramco. They also elevated their partnership in hydrocarbons to a comprehensive energy partnership.
PM Modi, MbS endorse plans to push talks for India-GCC FTA
As PM Modi and Saudi Arabia crown prince and PM Mohammed bin Salman chaired the first leaders’ meeting of the Strategic Partnership Council, which was instituted during his visit to Riyadh in 2019, the Prime Minister said the “historic” India-West Asia-Europe economic corridor announced on the margins of the G20 summit would enhance economic and energy cooperation and also improve digital connectivity.
While it is not clear how the initiative, which is being touted as a response to China’s BRI, will be funded, MEA secretary for overseas Indian affairs Ausaf Sayeed said the project would have railroads running to India. Mohammed bin Salman endorsed the project and said it would require hard work and cooperation by all.
“Today, we are working on future opportunities. I congratulate you on the management of the G20 summit and the objectives achieved, including the economic corridor linking the Middle East, India and Europe, which requires that we work diligently to make it a reality,” he said.
The Prime Minister thanked Salman for protecting the interests of the Indian community in Saudi Arabia and also for contributing to the success of the G20 summit. PM Modi said he and Salman had identified new initiatives to take the relationship to the next level. “The scope for cooperation in grid connectivity, renewable energy, food security, semiconductors, supply chains is immense,” PM Modi said on X.
The government said that it would also have monitoring committees to ensure timely implementation of projects related to the refinery in Maharashtra. “Both sides decided to fully support early implementation of the trilateral west coast refinery project involving Aramco, Abu Dhabi National Oil Company and Indian firms,” Sayeed said. Saudi authorities in 2019, just before Modi’s visit to Riyadh, had announced their intention to invest $100 billion in India in areas like refinery, petrochemicals, infrastructure, mining, and agriculture. Around $44 billion was then earmarked for the refinery and petrochemicals project in Maharashtra.
The two leaders also endorsed plans to resume and expedite negotiations for an India-GCC FTA. The Gulf Cooperation Council (GCC) is India’s largest trading partner bloc with annual bilateral trade valued at over $150 billion. Both sides want a comprehensive agreement with significant coverage of goods and services, according to the Indian government.
