A significant meeting between Prime Minister Narendra Modi and Saudi Arabian Crown Prince Mohammed bin Salman Al Saud took place at Delhi’s Hyderabad House, emphasizing the necessity of the India-Saudi Arabia partnership for the stability and welfare of not only the region but the world at large. The focal points of the discussion during the Crown Prince’s state visit encompassed trade, economy, defense, and cultural cooperation. Both distinguished leaders co-chaired the inaugural meeting of the Strategic Partnership Council, a pivotal bilateral agreement inked in Riyadh in 2019.
PM Modi articulated, “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.” The progress of the ministerial committees of the Strategic Partnership Council was evaluated by the leaders, and they engaged in comprehensive discussions on all facets of bilateral relations, encompassing regional and international matters of shared interest.
India-Middle East-Europe Economic Corridor
At the G20 Summit hosted in New Delhi, Saudi Arabia was enlisted among the signatories of the groundbreaking India-Middle East-Europe Economic Corridor. This visionary initiative, perceived as a viable alternative to China’s Belt and Road Initiative, is designed to foster economic growth and digital connectivity between Asia, West Asia, and Europe. The initiative was jointly proclaimed by PM Modi and the leaders of the United States, Saudi Arabia, United Arab Emirates, France, Germany, Italy, and the European Union during the G20 Summit. Upon completion, this venture is poised to serve as a contemporary Silk Road, facilitating economic collaborations, political alliances, and cultural amalgamation across continents.
Vision 2030
PM Modi lauded the ‘Vision 2030’ initiative of Saudi Arabia, a comprehensive nationwide reform agenda inaugurated in 2016, aimed at the economic, cultural, and architectural advancement of the Middle Eastern nation. “Under your leadership and Vision 2030, Saudi Arabia has seen tremendous economic growth and I congratulate you for that,” expressed PM Modi.
Robust Bilateral Relations
India and Saudi Arabia are bound by a longstanding history of amicable and collaborative relations, characterized by extensive interpersonal connections. The fiscal year 2022-23 witnessed bilateral trade soaring to a record peak of $52.75 billion. The nations also convene a Joint Committee on Defense Cooperation (JCDC) on a regular basis and have pinpointed an array of mutual interests and cooperation avenues in the realms of defense and security. Additionally, India holds the position of being Saudi Arabia’s second-largest trading associate, while Saudi Arabia ranks as India’s fourth-largest. The energy sector also witnesses a sturdy partnership between the two nations, with India importing a considerable quantum of oil from Saudi Arabia.
The strategic alliance between India and Saudi Arabia is not merely pivotal for regional stability and welfare but also exerts a considerable influence on global economic and political dynamics. With groundbreaking initiatives like the India-Middle East-Europe Economic Corridor and the Vision 2030 reform agenda, both nations are actively partaking in the development and prosperity of the region and beyond.
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