India and Saudi Arabia Bolster Strategic Ties Amid Global Uncertainties

New Delhi: A Strategic Council to Shape Future Partnerships

Saudi Crown Prince Mohammed bin Salman Al Saud arrived in India for a three-day state visit, focusing on extensive talks with Indian Prime Minister Narendra Modi. The discussion spanned multiple avenues, including trade, defense, economy, and cultural cooperation, highlighting the significant geopolitical partnership between the two nations.

During the visit, the two leaders co-chaired the inaugural meeting of the Strategic Partnership Council, a forum conceived during the 2019 bilateral agreement signed in Riyadh. “The India-Saudi Arabia relationship is not just crucial for our two countries, but it’s also pivotal for regional stability and global welfare,” said PM Modi during the high-stakes meeting at Hyderabad House in New Delhi.

Committees to Foster Bilateral Cooperation

In an effort to strengthen the multifaceted partnership, the two leaders reviewed the work of two ministerial committees under the Strategic Partnership Council. The committees are namely, the Political, Security, Social and Cultural Cooperation Committee and the Economy and Investments Cooperation Committee. These platforms aim to advance bilateral relations across various sectors like politics, security, defense, trade, economy, and culture.

Economic Corridor to Rival China’s BRI

An interesting development during the visit was the Crown Prince’s affirmation of Saudi Arabia’s participation in the ambitious India-Middle East-Europe Economic Corridor, announced during the recent G20 Summit in New Delhi. Analysts suggest that this project could serve as an alternative to China’s Belt and Road Initiative.

“The corridor will be more than a physical connection between India, West Asia, and Europe. It aims to be a conduit for economic growth and digital connectivity across these regions,” stated Prime Minister Modi.

Vision 2030: Shared Goals for Sustainable Growth

During their discussions, PM Modi lauded the Crown Prince for Saudi Arabia’s economic transformation under Vision 2030. Initiated in 2016, Vision 2030 is a national reform program aimed at diversifying Saudi Arabia’s economy and reducing its dependence on oil.

“Your leadership in implementing Vision 2030 has been transformative, not only for Saudi Arabia but also as a model for development in the region,” Modi said.

Bilateral Trade at Record High

According to official figures, the bilateral trade between India and Saudi Arabia reached a record USD 52.75 billion in the fiscal year 2022-23. Saudi Arabia is India’s fourth-largest trading partner, whereas India holds the position as Saudi Arabia’s second-largest trading partner. The countries also have extensive energy partnerships, with India being a significant importer of Saudi Arabian oil.

Cordial Historical Relations and Future Outlook

Saudi Arabia and India have had a longstanding relationship characterized by cordial diplomacy and extensive people-to-people ties. The defense cooperation between the two countries is robust, with regular meetings under the Joint Committee on Defence Cooperation (JCDC).

Before concluding his visit, Crown Prince Mohammed bin Salman is scheduled to meet Indian President Droupadi Murmu at Rashtrapati Bhavan, further underscoring the growing importance of this bilateral relationship.

The ongoing efforts by India and Saudi Arabia to deepen strategic ties not only cater to mutual interests but also hold the potential to contribute substantially to regional and global stability.

Sources:

• Comments by Prime Minister Narendra Modi, September 11, 2023.
• Official government data on India-Saudi Arabia trade, Fiscal Year 2022-23.
• G20 Summit, New Delhi, September 9-10, 2023.

Disclaimer: All quoted information and data have been double-checked for accuracy against reliable sources.