PM Modi meets Saudi Crown Prince, discusses trade and defence ties

Prime Minister Narendra Modi and Saudi Arabia's Crown Prince discussed all aspects of bilateral relations, including political, security, defence, trade, economy, culture, and people-to-people ties

Trade, economy, defence, and cultural cooperation were the main discussion topics between Prime Minister Narendra Modi and Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud during the latter's state visit today (September 11).

During today's high-profile meeting at Delhi's Hyderabad House, the two leaders co-chaired the First Leaders' Meeting of the Strategic Partnership Council, a bilateral agreement between India and Saudi Arabia that the two countries inked in Riyadh in 2019.

"For India, Saudi Arabia counts as one of its closest and biggest strategic partners," PM Modi said.

#WATCH | Prime Minister Narendra Modi says, "...For India, Saudi Arabia is one of its most important strategic partners. As two large and fast-growing economies of the world, our mutual cooperation is important for peace and stability in the entire region. In our talks, we have… pic.twitter.com/q72iT4rFvU

— ANI (@ANI) September 11, 2023

 

"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 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.

Saudi Crown Prince's second state visit

The Saudi Arabian Crown Prince was accorded a ceremonial reception at Rashtrapati Bhavan at 10 am, ahead of his meeting with PM Modi at 11 am.

"I am very glad to be here in India. I want to congratulate India for the G20 Summit," the Crown Prince said.

#WATCH | Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Prince Mohammed bin Salman bin Abdulaziz Al Saud says "I am very glad to be here in India. I want to congratulate India for the G20 Summit...A lot of announcements have been made that will benefit G20… pic.twitter.com/rNz8q0lDAi

— ANI (@ANI) September 11, 2023

After concluding his engagements with PM Modi and other dignitaries, Prince Salman will meet President Droupadi Murmu at Rashtrapati Bhavan at 6:30 pm before departing from New Delhi at 8:30 pm.

This is Prince Salman's second State visit to India.
 

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.

Charting a journey of shared aspirations and dreams, the India-Middle East-Europe Economic Corridor promises to be a beacon of cooperation, innovation, and shared progress. As history unfolds, may this corridor be a testament to human endeavour and unity across continents. pic.twitter.com/vYBNo2oa5W

— Narendra Modi (@narendramodi) September 9, 2023

The initiative, seen by many as a potential alternative to China's Belt and Road Initiative (BRI), was jointly announced by PM 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 in New Delhi.

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.

India-Saudi Arabia relations

India and Saudi Arabia have a long history of cordial and cooperative relations, with extensive people-to-people ties.

According to government data, bilateral trade between the two countries reached an all-time high of USD 52.75 billion in fiscal year 2022-23.

PM Modi, during his 2019 visit to Riyadh, had said that 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.