RNS: Prime Minister Narendra Modi held bilateral and delegation-level talks with the Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud, in New Delhi on Monday.
The two leaders reviewed the various facets of bilateral ties and discussed ways further to unlock the potential of the India-Saudi Arabia Strategic Partnership.
During the meeting, Modi said, the India-Saudi Arabia partnership is crucial for the stability, and welfare of the region and world. Saudi Arabia is important for India.
Modi again thanked the Crown Prince for his contribution to the success of the G20 Summit.
Modi said that under the leadership of the Crown Prince and Vision 2030, Saudi Arabia has seen tremendous economic growth.
The Crown Prince of Saudi Arabia said, there was no disagreement at all during the history of the India-Saudi Arabia relationship. Still, there is cooperation to build the future of the countries and create opportunities.
He said today, both nations are working on future opportunities. He congratulated PM Modi on managing the G-20 Summit and the initiatives achieved, including the Economic Corridor linking the Middle East, India and Europe.
After the meeting of Prime Minister Narendra Modi and the Crown Prince, the minutes of the first meeting of the India-Saudi Strategic Partnership Council were signed. Both leaders signed the minutes.
The Crown Prince is on a three-day state visit to India. He arrived in New Delhi on Saturday to attend the 18th G20 summit. Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud was accorded a ceremonial welcome at the forecourt of Rashtrapati Bhavan this morning.
Notably, India and Saudi Arabia enjoy cordial and friendly relations reflecting the centuries-old economic and socio-cultural ties. India is the second largest trade partner for Saudi Arabia, whereas Saudi Arabia is India’s fourth largest trading partner. During the Financial Year 2022-23, bilateral trade was valued at over 52 billion dollars.
Saudi direct investments in India amount to over three billion dollars. Energy cooperation forms a central pillar of the Indo-Saudi bilateral ties.
Saudi Arabia is a key partner for India in ensuring energy security. It remained India’s third-largest Crude and Petroleum products sourcing destination for the Financial Year 2022-23.
