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India and Saudi Arabia aim to craft a new era of bilateral synergy
Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud is on a significant visit to India, marking a pivotal step in fortifying ties between the two nations.
The visit, outlined in detail by the Ministry of External Affairs (MEA) on Saturday (September 9, 2023), emphasizes the growing mutual respect and collaboration shared between Saudi Arabia and India.
The Saudi leader will attend the G20 Summit in New Delhi on September 9-10, 2023, and will remain in India on September 11, 2023, for a state visit. This is his second state visit to India; he earlier visited the country in February 2019.
Mohammed bin Salman's visit not only aims at strengthening the historical bonds between the two nations but also addressing various contemporary global issues.
Strategic Partnership Council Meeting
The Saudi Crown Prince and Prime Minister will call on President Droupadi Murmu on September 11. He will then hold a bilateral meeting with Prime Minister Narendra Modi.
A highlight of the visit will be the co-chairing of the Strategic Partnership Council meeting by the Saudi Crown Prince and Indian Prime Minister Narendra Modi. The council, being a testament to the importance of the bilateral relationship, focuses on broadening cooperation in various fields, including energy, finance, investments, and defense.
"They will review the progress made under the two Ministerial Committees of the Strategic Partnership Council i.e. the Committee on Political, Security, Social and Cultural Cooperation and the Committee on Economy and Investments Cooperation," the MEA said.
They will discuss all aspects of bilateral relations including political, security, defence, trade and economic, cultural and people-to-people ties. Both the leaders will also discuss the regional and international issues of mutual interest, the MEA added.
The Strategic Partnership Council, set up in 2019, has been instrumental in setting the direction for a more robust relationship.
Saudi Arabia and India, both being influential members of the G20, share a commitment to address pressing global challenges, such as climate change, sustainable development, and global health issues, especially post the Covid-19 pandemic.
Saudi Arabia, which held the G20 presidency in 2020, showed exemplary leadership, especially in coordinating global efforts during the pandemic. India's G20 presidency sought to steer the group towards addressing the post-pandemic economic recovery, digital economy, and the pressing need for a reformed multilateral system.
Evolving Trade Dynamics
Trade forms the backbone of the India-Saudi relationship. According to official data, bilateral trade between both countries reached an all-time high of USD 52.75 billion in FY 2022-23.
India is Saudi Arabia’s second largest trading partner whereas Saudi Arabia is India’s fourth largest trading partner. Both countries also have a strong partnership in the area of energy.
Additionaly, there is a mutual interest in exploring areas such as food security, information technology, and healthcare.
In the post-pandemic era, as nations re-evaluate their trade policies and supply chains, there's a renewed focus on building reliable, resilient, and mutually beneficial trade relations. The Crown Prince’s visit is expected to pave the way for enhancing the trade volume, with both nations targeting to double their current trade figures in the next five years.
At the same time, India's massive infrastructure push, especially under initiatives like the 'Smart Cities' project, offers numerous opportunities for Saudi investors. The Kingdom, on its part, is undergoing a transformation under its Vision 2030 program, which aims at diversifying its economy. India, with its tech prowess and a booming startup ecosystem, can play a vital role in this transformation.
India and Saudi Arabia have historically close and friendly relations with extensive people-to-people contacts.
There is a vibrant Indian community of around 2.4 million in Saudi Arabia. Their contribution towards the development of the host country and role as bridges to deepen the multifaceted ties between the two countries is highly appreciated. The Kingdom of Saudi Arabia also facilitates Hajj pilgrimage of over 175,000 Indians every year.
In conclusion, the state visit of Crown Prince Mohammad bin Salman stands as a testament to the growing partnership and mutual respect between Saudi Arabia and India. With shared concerns and interests on both bilateral and global fronts, the two countries are poised to play a significant role in shaping a new world order. Their combined efforts in forums like the Strategic Partnership Council and the G20 provide a hopeful vision of collaborative leadership in a multipolar world.
The visit, outlined in detail by the Ministry of External Affairs (MEA) on Saturday (September 9, 2023), emphasizes the growing mutual respect and collaboration shared between Saudi Arabia and India.
The Saudi leader will attend the G20 Summit in New Delhi on September 9-10, 2023, and will remain in India on September 11, 2023, for a state visit. This is his second state visit to India; he earlier visited the country in February 2019.
Mohammed bin Salman's visit not only aims at strengthening the historical bonds between the two nations but also addressing various contemporary global issues.
Strategic Partnership Council Meeting
The Saudi Crown Prince and Prime Minister will call on President Droupadi Murmu on September 11. He will then hold a bilateral meeting with Prime Minister Narendra Modi.
A highlight of the visit will be the co-chairing of the Strategic Partnership Council meeting by the Saudi Crown Prince and Indian Prime Minister Narendra Modi. The council, being a testament to the importance of the bilateral relationship, focuses on broadening cooperation in various fields, including energy, finance, investments, and defense.
"They will review the progress made under the two Ministerial Committees of the Strategic Partnership Council i.e. the Committee on Political, Security, Social and Cultural Cooperation and the Committee on Economy and Investments Cooperation," the MEA said.
They will discuss all aspects of bilateral relations including political, security, defence, trade and economic, cultural and people-to-people ties. Both the leaders will also discuss the regional and international issues of mutual interest, the MEA added.
The Strategic Partnership Council, set up in 2019, has been instrumental in setting the direction for a more robust relationship.
Saudi Arabia and India, both being influential members of the G20, share a commitment to address pressing global challenges, such as climate change, sustainable development, and global health issues, especially post the Covid-19 pandemic.
Saudi Arabia, which held the G20 presidency in 2020, showed exemplary leadership, especially in coordinating global efforts during the pandemic. India's G20 presidency sought to steer the group towards addressing the post-pandemic economic recovery, digital economy, and the pressing need for a reformed multilateral system.
Evolving Trade Dynamics
Trade forms the backbone of the India-Saudi relationship. According to official data, bilateral trade between both countries reached an all-time high of USD 52.75 billion in FY 2022-23.
India is Saudi Arabia’s second largest trading partner whereas Saudi Arabia is India’s fourth largest trading partner. Both countries also have a strong partnership in the area of energy.
Additionaly, there is a mutual interest in exploring areas such as food security, information technology, and healthcare.
In the post-pandemic era, as nations re-evaluate their trade policies and supply chains, there's a renewed focus on building reliable, resilient, and mutually beneficial trade relations. The Crown Prince’s visit is expected to pave the way for enhancing the trade volume, with both nations targeting to double their current trade figures in the next five years.
At the same time, India's massive infrastructure push, especially under initiatives like the 'Smart Cities' project, offers numerous opportunities for Saudi investors. The Kingdom, on its part, is undergoing a transformation under its Vision 2030 program, which aims at diversifying its economy. India, with its tech prowess and a booming startup ecosystem, can play a vital role in this transformation.
India and Saudi Arabia have historically close and friendly relations with extensive people-to-people contacts.
There is a vibrant Indian community of around 2.4 million in Saudi Arabia. Their contribution towards the development of the host country and role as bridges to deepen the multifaceted ties between the two countries is highly appreciated. The Kingdom of Saudi Arabia also facilitates Hajj pilgrimage of over 175,000 Indians every year.
In conclusion, the state visit of Crown Prince Mohammad bin Salman stands as a testament to the growing partnership and mutual respect between Saudi Arabia and India. With shared concerns and interests on both bilateral and global fronts, the two countries are poised to play a significant role in shaping a new world order. Their combined efforts in forums like the Strategic Partnership Council and the G20 provide a hopeful vision of collaborative leadership in a multipolar world.
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