“In New Delhi, a bilateral meeting took place between Prime Minister Narendra Modi and Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud on Monday. They engaged in discussions regarding collaboration in several crucial areas, including energy security, trade and investment, defense and security, healthcare, and food security.
The Crown Prince, who embarked on a three-day State visit, had previously participated in the G20 summit in the national capital over the weekend. This visit marked his second state visit, with the first occurring in February 2019.
Before their meeting, the Saudi Arabian Crown Prince was accorded a ceremonial reception at Rashtrapati Bhavan.
During the inaugural leaders’ meeting of the India-Saudi Arabia Strategic Partnership Council, PM Modi and the Crown Prince assessed the progress achieved under two Ministerial Committees of the Strategic Partnership Council: the Committee on Political, Security, Social and Cultural Cooperation and the Committee on Economy and Investments Cooperation. A multitude of Memoranda of Understanding (MoUs) were inked between Indian and Saudi Arabian companies, encompassing various sectors, such as IT, agriculture, pharmaceuticals, petrochemicals, and human resources.
PM Modi underscored the significance of Saudi Arabia as a pivotal strategic partner for India. He underscored that their cooperation holds immense importance for fostering peace and stability in the region, given that both countries are distinguished by their status as substantial and swiftly expanding economies. He also emphasized the initiatives that have been identified to further bolster their partnership, with the aim of contributing to the welfare of humanity.
PM Modi lauded the strategic partnership with Saudi Arabia, particularly following the unveiling of a major trade and transport route connecting Europe, the Middle East, and India, thereby creating an economic corridor.
India and Saudi Arabia have enjoyed a long-standing and amicable relationship, characterized by extensive people-to-people interactions. Their trade reached a historic high of $52.75 billion in FY 2022-23.
In a subsequent statement, PM Modi expressed confidence in the burgeoning commercial ties between the two nations, particularly in areas like grid connectivity, renewable energy, food security, semiconductors, and supply chains.
Subsequent to the reception at Rashtrapati Bhavan, the Crown Prince commended India on the historic agreement to initiate the mega India-Middle East-Europe shipping and railway connectivity corridor. He acknowledged the mutual benefits that this initiative would confer upon both nations and the global community.
Addressing the G20 Summit, Prince Mohammed bin Salman had referenced the integration of the initiative and the economic corridor project, underlining their profound significance.
PM Modi highlighted that this monumental agreement would provide a sustainable direction for global connectivity and sustainability, thereby fostering economic growth and digital connectivity across regions. Cooperation in the economic sphere between India and Saudi Arabia was deemed imperative for regional peace and stability.
Furthermore, PM Modi conveyed his gratitude to the Crown Prince for his endeavors on behalf of the Indian expatriate community residing in Saudi Arabia. The Crown Prince acknowledged the substantial Indian diaspora in Saudi Arabia, which has made substantial contributions to the economic development of the nation. He assured that these Indian expatriates are regarded as an integral part of Saudi Arabia, with the nation ensuring their well-being.
The council established between the two nations aimed to fulfill the aspirations of the people and attain success in strengthening the bond between India and Saudi Arabia.”