Signaling warm and robust relations with Saudi Arabia, Prime Minister Narendra Modi has said ties between India and Saudi Arabia are crucial for stability and welfare of the region and world. Describing the Arab nation as one of India’s most important strategic partners, he also said both sides are adding new dimensions to the ties in tune with changing times.

These assertions were made after Prime Minister Modi on Monday reviewed the entire gamut of bilateral relations with Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud.

The two countries decided to expedite implementation of the USD 50 billion West Coast refinery project, and identified energy, defence, semiconductor and space as areas for intensified cooperation during talks between Prime Minister Modi and Crown Prince Mohammed Bin Salman.

The two leaders held the first meeting of the India-Saudi Arabia Strategic Partnership Council. The India-Saudi Arabia Strategic Partnership Council was announced in 2019 with an aim to further increase cooperation in critical areas. The Saudi Arabia Crown Prince is on a State visit to India following the end of the G20 Summit.

Trade, economy, defence, and cultural cooperation were the main topics of discussion between Prime Minister Modi and Saudi Arabia’s Crown Prince Mohammed Bin Salman.

“For India, Saudi Arabia counts as one of its closest and biggest strategic partners,” Modi said. “India-Saudi Arabia partnership crucial for stability, welfare of region and world.”

“We are adding a new dimension to our ties in tune with changing times. We have identified several initiatives to take our close partnership to the next level,” he added.

The Prime Minister said he had “productive talks” with the Saudi Crown Prince. Both leaders discussed trade ties and the “immense” scope for bilateral cooperation in areas, including grid connectivity, renewable energy, food security and semiconductors.

“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 connectivity, renewable energy, food security, semiconductors and supply chains is immense,” he wrote on X.

The leaders assessed the progress of the two Ministerial committees of the Strategic Partnership Council, namely the “Political, Security, Social and Cultural Cooperation Committee” and the “Economy and Investments Cooperation Committee”.

They also discussed all aspects of bilateral relations, including political, security, defence, trade, economy, culture, and people-to-people ties. Additionally, they discussed regional and international issues of mutual interest.

Ahead of the talks, the Crown Prince was accorded a ceremonial welcome at the forecourt of the Rashtrapati Bhavan. “I am very glad to be here in India. I want to congratulate India for the G20 Summit,” Muhammad Bin Salman told reporters after the ceremonial welcome.

The Saudi leader said the announcements made at the summit will benefit the world. “We will work together to create a great future for both the countries,” he said. This is Prince Salman’s second State visit to India.

Saudi Arabia is one of India’s key strategic partners in West Asia.

The overall relations between the two countries have witnessed a significant upward trajectory in the last few years.

The two sides have also been focusing on strengthening their defence and security partnership. Then Army Chief General M Naravane visited Saudi Arabia in December 2020 in the first-ever visit by a head of the 1.3 million-strong Army to the important Gulf nation. Since then, there have been a series of visits of high-ranking military officials between the two sides.

During the two-day G20 Summit in New Delhi, Saudi Arabia was one of the signatories to the ambitious India-Middle East-Europe Economic Corridor.

The initiative was jointly announced by Prime Minister Modi and the leaders of the United States, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union on the sidelines of the G20 summit.

“Yesterday, we made a decision to start a historic economic corridor between India, West Asia and Europe. This corridor will not only connect two countries but also help in providing economic growth, and digital connectivity between Asia, West Asia and Europe,” Modi said.

Once completed, the project can serve as a modern-day Silk Road that functioned as the central trade route facilitating economic partnerships, political alliances, and cultural integration across continents.

Prime Minister Modi also cited Saudi Arabia’s “Vision 2030” initiative, an all-encompassing nationwide reform programme launched in 2016 for the economic, cultural and architectural development of the West Asian country.

“Under your leadership and Vision 2030, Saudi Arabia has seen tremendous economic growth and I congratulate you for that,” Modi said.

India and Saudi Arabia have a long history of cordial and cooperative relations, with extensive people-to-people ties. According to the Government data, bilateral trade between the two countries reached an all-time high of USD 52.75 billion in fiscal year 2022-23.

During his 2019 visit to Riyadh, Prime Minister Modi had said India and Saudi Arabia have a Joint Committee on Defence Cooperation (JCDC) that meets regularly and that the two countries have identified a number of areas of mutual interest and cooperation in the field of defence and security.

The two economic powerhouses are also major trading partners. India is Saudi Arabia’s second-largest trading partner, while Saudi Arabia is India’s fourth-largest. The two countries have a strong partnership in the energy sector, with India importing a significant amount of oil from Saudi Arabia.

The India-Saudi Strategic Partnership Council was established during Prime Minister Modi’s visit to Saudi Arabia in October 2019 as a mechanism to streamline and strengthen bilateral ties across diverse domains.

The council operates through two Ministerial committees focussed on political, security, social and cultural cooperation, and economic and investment cooperation, providing a structured framework to foster deeper collaboration and understanding between the two countries.

The first Leaders’ Meeting of the council, co-chaired by Prime Minister Modi and the Saudi Crown Prince during this visit, signifies a commitment to nurturing this partnership to new heights, encompassing a wide array of bilateral concerns and opportunities for collaborative endeavours.