Latest news with #Saudi-IndianStrategicPartnershipCouncil
Arab News
27-04-2025
- Business
- Arab News
Crown prince, Modi make dramatic progress in bilateral ties
The horrific violence at Pahalgam last week cut short by a day Prime Minister Narendra Modi's third visit to Saudi Arabia. But even the single day that he spent in Jeddah was sufficient for the Indian leader and his host, Crown Prince Mohammed bin Salman, to celebrate the great strides they have made in promoting bilateral relations and to identify new areas to pursue. The subtitle of their joint statement, 'A Historic Friendship, A Partnership for Progress,' captured the spirit that animates the relationship built by these two leaders and gave it substance and direction. Before the visit was cut short, the prime minister and the crown prince presided over the second meeting of the Saudi-Indian Strategic Partnership Council and decided that, in addition to existing political and economic ministerial committees, two additional committees would be set up, one tasked with defense and security cooperation, the other with tourism and culture. There has already been rapid and substantial progress in defense cooperation, as exemplified by regular, high-level talks on regional security and military exercises featuring land and sea forces from both countries. The defense industry remains an area of priority interest for the two nations to help promote Saudi self-sufficiency. And as the Kingdom increasingly opens up historic locations such as AlUla, Hegra, Tabuk and Najran, along with beautiful resorts at Taif, Baha and Abha, to international tourism, the number of visitors from India can be expected to grow significantly, complementing the thousands of Indian pilgrims who already come to the Kingdom each year for Hajj and Umrah. In terms of investments, the countries have agreed to set up two new oil refineries in India, quickly finalize a bilateral investment agreement and pursue joint ventures in frontier sectors such as technology, digital infrastructure, telecommunications, pharmaceuticals, manufacturing, financial technology and health. The Saudi Public Investment Fund now has an India desk to focus on joint projects. Not surprisingly, the terrorist attacks in Kashmir that cut short Modi's visit prompted the two leaders to affirm their commitment to combat the forces of extremism and violence, which they described as 'one of the gravest threats to humanity.' They rejected 'the use of terrorism against other countries' and stressed the need 'to prevent access to weapons, including missiles and drones, to commit terrorist acts against other countries.' As they highlighted their joint efforts in pursuit of regional peace and stability, the two leaders affirmed the importance of their continuing partnerships in the fields of cybersecurity and maritime border security and efforts to combat transnational crime, narcotics and drug trafficking. It is interesting to note that their joint statement mentioned only two specific issues of regional interest: the India-Middle East-Europe Economic Corridor and Yemen. Regarding the former, Modi and the crown prince affirmed their 'mutual commitment to work together to realize the vision of connectivity as envisaged' by the corridor, along with the development of the attendant infrastructure for rail and port links. Their joint statement mentioned two specific issues: the India-Middle East-Europe Economic Corridor and Yemen. Talmiz Ahmad While the two leaders support the project in principle, logistical links between the major towns and ports of the Arabian Peninsula and West Asia will require a high degree of camaraderie and constructive engagement among the principal regional states, as was the case in the 19th century, when Istanbul and Jerusalem were at the heart of a vast network of rail and sea connectivity. The reference to Yemen was the result of shared concerns about severe restrictions on global maritime traffic in the Red Sea as a result of persistent attacks by the Houthis on regional shipping. These have harmed the commercial interests not only of India and Saudi Arabia, but all trading nations in Europe and Asia. The most important aspect of Modi's visit to Saudi Arabia were his discussions with the crown prince on the regional political situation. Given the sensitive nature of such talks, however, the joint statement merely noted: 'Both sides also exchanged views on current regional and international issues of mutual interest.' The Middle East is in the throes of extraordinary uncertainty. Despite Israeli Prime Minister Benjamin Netanyahu's agreement in January to a ceasefire in Gaza, Israel has continued to launch lethal attacks against Palestinians in both Gaza and the West Bank. There have also been periodic acts of desecration at Al-Aqsa Mosque in Jerusalem and even provocative statements by extreme right-wing Israeli politicians about the destruction of the holy mosque. US President Donald Trump has added to this unseemly cacophony by proposing the transfer of the Palestinian population of Gaza to other countries and the transformation of the war-torn wasteland into a 'Riviera of the Middle East.' To further complicate matters, despite ongoing talks between Washington and Tehran on the nuclear issue, there is still no clarity about the possibility of attacks against Iran by Israel and the US if the talks break down. Given the substantial political and economic stakes for India regarding stability in the Middle East, and the welfare of the nation's 8 million-strong expatriate community in the region, Modi would have been deeply interested to listen to the crown prince's assessment of the outlook for regional security. There would also have been exchanges of views between the two leaders on the implications of Trump's 'tariff wars,' the war in Ukraine, the resilience of the Western alliance and the future of US relations with Russia and China. There can be little doubt that their discussions will lead to greater clarity on matters of shared interest that are shrouded in so much uncertainty. More importantly, their talks will help ensure that, on many of these issues of mutual concern, their countries are on the same page and will coordinate their policy approaches for mutual benefit in the challenging regional environment.
Saudi Gazette
23-04-2025
- Politics
- Saudi Gazette
Saudi Arabia and India agree to expand Strategic Partnership Council and enhance coordination within global forums
Saudi Gazette report JEDDAH — Saudi Arabia and India welcomed the expansion of the Saudi-Indian Strategic Partnership Council to include four ministerial committees, featuring a ministerial committee for defense cooperation and another for tourism and culture. Recognizing the importance of joint action on global issues, they also agreed to enhance cooperation and coordination within international organizations and forums such as the G20, International Monetary Fund, and World Bank. This commitment aims to bolster efforts in addressing global economic challenges. This was stated in a joint statement released at the conclusion of Indian Prime Minister Narendra Modi's visit to Saudi Arabia on April 22. During the visit, a number of memoranda of understanding (MoU) were signed between the two countries. These include a MoU between the Indian Department of Space and the Saudi Space Agency in the field of space activities for peaceful purposes, another MoU between the Indian Ministry of Health and Family Welfare and Saudi Ministry of Health on cooperation in the field of health, bilateral agreement between the Indian Department of Posts and the Saudi Post for inward foreign surface parcel, and MoU between the Indian National Anti-Doping Agency and Saudi Arabia Anti-Doping Committee for cooperation in the field of anti-doping and prevention. The MoU for cooperation in the field of space aims to enhance cooperation in areas such as satellite capacity development, the advancement of space sciences and exploration, and the practical application of space technologies to serve various sectors. It also seeks to stimulate research and development, entrepreneurship, and academic engagement in the space technology sector Prime Minister Modi's visit was in response to an invitation from Crown Prince and Prime Minister Mohammed bin Salman. The Crown Prince received Modi at Al-Salam Palace, Jeddah. They held official talks, during which they recalled the strong bonds of historically close friendship between India and Saudi Arabia. Both countries enjoy a strong relationship and close people-to-people ties marked by trust and goodwill. The two sides noted that the solid foundation of the bilateral relationship between the two nations has further strengthened through the strategic partnership covering diverse areas, including defense, security, energy, trade, investment, technology, agriculture, culture, health, education, and people-to-people ties. Both sides also exchanged views on current regional and international issues of mutual interest. Modi congratulated the Crown Prince for Saudi Arabia's successful bids for World Expo 2030 and FIFA World Cup 2034. The two leaders held constructive discussions on ways to strengthen the strategic partnership between India and Saudi Arabia. The two leaders also co-chaired the second meeting of the Saudi-Indian Strategic Partnership Council. The two sides reviewed the progress of the strategic partnership council since their last meeting in September 2023. Both leaders expressed their satisfaction with the outcomes of the work of the two Ministerial Committees, such as the Committee on Political, Security, Social and Cultural Cooperation and their subcommittees, and the Committee on Economy and Investment and their joint working groups, in diverse fields. The council welcomed the expansion of the strategic partnership council to four ministerial committees reflecting the deepening of the strategic partnership, by addition of the Ministerial Committees on Defense Cooperation, and Tourism and Cultural Cooperation. The two leaders noted with appreciation the large number of high-level visits across various ministries that have built trust and mutual understanding on both sides. At the end of the meeting, the two leaders signed the minutes of the second meeting of the Saudi-Indian Strategic Partnership Council. The Indian side expressed its appreciation to the Saudi side for the continuing welfare of around 2.7 million Indian nationals residing in the Kingdom, reflecting the strong people-to-people bonds and immense goodwill that exists between the two nations. The Indian side also congratulated Saudi Arabia for successfully holding the Hajj in 2024 and expressed its appreciation for the excellent coordination between the two countries in facilitating the Hajj and Umrah experience for Indian pilgrims. Both sides welcomed the growth of the economic relationship, trade, and investment ties between India and the Kingdom of Saudi Arabia in recent years. The Indian side congratulated the Saudi side for the progress achieved on the goals under Vision 2030. The Saudi side expressed appreciation for India's sustained economic growth and the goal of Viksit Bharat or becoming a developed country by 2047. Both sides agreed to work together in areas of mutual interests to fulfill respective national goals and achieve shared prosperity. Both Leaders noted with satisfaction the progress made in the discussions under the High-Level Task Force, constituted in 2024 for promoting investment flows between the two countries. Building on the endeavor of Saudi Arabia to invest in India in multiple areas, including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health, it was noted that the High-Level Task Force came to an understanding in multiple areas which will rapidly promote such investment flows. They noted the agreement in the High-Level Task Force to collaborate on establishing two refineries. The progress made by this Task Force in areas such as taxation was also a major breakthrough for greater cooperation in the future. The two sides affirmed their desire to complete negotiations on the Bilateral Investment Treaty at the earliest. The Indian side appreciated the launch of India Desk at the Public Investment Fund (PIF) to act as the nodal point for investment facilitation by PIF. They observed that the work of the High-Level Task Force underscores the growing economic partnership between India and Saudi Arabia, focusing on mutual economic growth and collaborative investments. The two sides affirmed their commitment to strengthening their direct and indirect investment partnership. They commended the outcomes of the Saudi-India Investment Forum, held in New Delhi in September 2023, and the active cooperation it achieved between the public and private sectors from both countries. They also commended the expansion of investment activities by Indian companies in the Kingdom, and appreciated the role of the private sector in enhancing mutual investments. The two sides valued the activation of the Framework of Cooperation on Enhancing Bilateral Investment between Invest India and the Ministry of Investment of Saudi Arabia. Both sides agreed to facilitate enhanced bilateral cooperation in the startup ecosystem, contributing to mutual growth and innovation. In the field of Energy, the Indian side agreed to work with the Kingdom to enhance the stability of global oil markets and to balance global energy market dynamics. They emphasized the need to ensure security of supply for all energy sources in global markets. They agreed on the importance of enhancing cooperation in several areas in the energy sector, including the supply of crude oil and its derivatives including LPG, collaboration in India's Strategic Reserve Program, joint projects across the refining and petrochemical sector, including manufacturing and specialized industries, innovative uses of hydrocarbons, electricity, and renewable energy, including completing the detailed joint study for electrical interconnection between the two countries, exchanging expertise in the fields of grid automation, grid connectivity, electrical grid security and resilience, and renewable energy projects and energy storage technologies, and enhancing the participation of companies from both sides in implementing their projects. The two sides emphasized the importance of cooperation in the field of green/clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, and exchanging expertise and experiences to implement best practices. With regard to climate change, both sides reaffirmed the importance of adhering to the principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, and the need to develop and implement climate agreements with a focus on emissions rather than sources. The Indian side commended the Kingdom's launch of the "Saudi Green Initiative" and the "Middle East Green Initiative' and expressed its support for the Kingdom's efforts in the field of climate change. Both sides expressed satisfaction at the steady growth in bilateral trade in recent years, with India being the second largest trading partner for Saudi Arabia, and Saudi Arabia being India's fifth largest trading partner in 2023-2024. Both sides agreed to further enhance co-operation to diversify their bilateral trade. In this regard, both sides agreed on the importance of increasing visits of business and trade delegations, and holding trade and investment events. Both sides reiterated their desire to commence negotiations on the India-GCC FTA. The two sides appreciated the deepening of the defense ties as a key pillar of the strategic partnership, and welcomed the creation of a Ministerial Committee on Defense Cooperation under the Strategic Partnership Council. They noted with satisfaction the growth of their joint defense cooperation, including numerous 'firsts' like the first ever Land Forces exercise SADA TANSEEQ, two rounds of the Naval Exercises AL MOHED AL HINDI, many high-level visits, and training exchanges, towards ensuring the security and stability of the region. They welcomed the outcomes of the 6th meeting of the Joint Committee on Defense Cooperation held in Riyadh in September 2024, noting the initiation of staff-level talks between all three services. Both sides also agreed to enhance defense industry collaboration. Noting the continuing cooperation achieved in security fields, both sides highlighted the importance of this cooperation for better security and stability. They also emphasized the importance of furthering cooperation between both sides in the areas of cybersecurity, maritime border security, combating transnational crime, narcotics and drug trafficking. Both sides strongly condemned the gruesome terror attack in Pahalgam, Jammu and Kashmir, on April 22, which claimed the lives of innocent civilians. The two sides condemned terrorism and violent extremism in all forms and manifestations, and emphasized that this remains one of the gravest threats to humanity. They agreed that there cannot be any justification for any act of terror for any reason. They rejected any attempt to link terrorism to any particular race, religion or culture. The two countries welcomed the excellent cooperation between the two sides in counter-terrorism and terror financing. They condemned cross-border terrorism, and called on all states to reject the use of terrorism against other countries, dismantle terrorism infrastructure where it exists, and bring perpetrators of terrorism to justice swiftly. Both sides stressed the need to prevent access to weapons, including missiles and drones, to commit terrorist acts against other countries. The two sides noted the ongoing cooperation in field of health and efforts to combat current and future health risks and health challenges. In this context, they welcomed the signing of an MoU on cooperation in the field of health between the two countries. The Indian side congratulated the Kingdom of Saudi Arabia for successfully hosting the Fourth Ministerial Conference on Antimicrobial Resistance in Jeddah in November 2024, and welcomed the initiatives taken by the Saudi Food and Drug Authority to address issues related to reference pricing and fast track registration of Indian drugs in Saudi Arabia. Both sides underscored the importance of co-operation in technology, including in new and emerging domains such as artificial intelligence, cybersecurity, and semiconductors. Highlighting the importance of digital governance, both sides agreed to explore collaboration in this area. Both sides noted that the MoU on space cooperation signed during this visit will pave the way for enhanced cooperation in the field of space, including the utilization of launch vehicles, spacecraft, and ground systems, applications of space technology, research and development, academic engagement, and entrepreneurship. Both sides noted the growth of cultural cooperation between the two countries through active engagement in key sectors such as heritage, film, literature, and performing and visual arts. The creation of a Ministerial Committee on Tourism and Cultural Cooperation marks a significant step toward deepening this partnership. Both sides also agreed to enhance cooperation in tourism, including through capacity building and sustainable tourism. They also noted the expansion of various opportunities in media, entertainment, and sports, supported by the strong people-to-people ties between the two countries. The two sides commended the growing momentum in educational and scientific collaboration between the two countries, underscoring its strategic importance in fostering innovation, capacity building, and sustainable development. The Saudi side welcomed the opportunities for leading Indian universities to have presence in Saudi Arabia. The two sides also stressed the value of expanding cooperation in labor and human resources and identifying opportunities for collaboration. Both sides recalled the signing of the MoU on the principles of an India-Middle East-Europe Economic Corridor along with other countries in September 2023 during the state visit of the Crown Prince to India and expressed mutual commitment to work together to realize the vision of connectivity as envisaged in the corridor, including the development of infrastructure that includes railways and port linkages to increase the passage of goods and services, and boost trade among stakeholders, and enhance data connectivity and electrical grid interconnectivity. In this regard, both sides welcomed the progress under the MoU on electrical interconnections, clean/green hydrogen, and supply chains signed in October 2023. Both sides also expressed satisfaction with the increase in shipping lines between the two countries. The two sides stressed the importance of enhancing cooperation and coordination between the two countries in international organizations and forums, including the G20, the International Monetary Fund, and the World Bank, to bolster efforts to address the challenges facing the global economy. They commended the existing cooperation between them within the Common Framework for Debt Treatment Beyond the Debt Service Suspension Initiative (DSSI), which was endorsed by the G20 leaders at the Riyadh Summit 2020. The two sides affirmed their full support for the international and regional efforts aimed at reaching a comprehensive political solution to the crisis in Yemen. Both sides agreed to hold the next Strategic Partnership Council meeting at a mutually convenient time. Recognizing their ongoing economic and social progress, they also committed to continued communication, coordination, and cooperation across various sectors.
Asharq Al-Awsat
23-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia, India Expand Strategic Partnership Council, Pledge Closer Int'l Coordination
Saudi Arabia and India welcomed on Wednesday the expansion of the Saudi-Indian Strategic Partnership Council to include four ministerial committees, featuring a ministerial committee for defense cooperation and another for tourism and culture. Recognizing the importance of joint action on global issues, they also agreed to deepen cooperation and coordination within international organizations and forums such as the G20, International Monetary Fund, and World Bank. This commitment aims to bolster efforts in addressing global economic challenges, said Saudi Arabia and India in a joint statement at the conclusion of Indian Prime Minister Narendra Modi's state visit to the Kingdom. Modi arrived in Jeddah on Tuesday where he held talks with Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. This was Modi's third visit to Saudi Arabia. It followed the historic state visit by the Crown Prince to India in September 2023 to participate in the G20 Summit and co-chair the first meeting of the Saudi-Indian Strategic Partnership Council. Crown Prince Mohammed and Modi held official talks that tackled the strong historic bonds between their countries and views on current regional and international issues of mutual interest. They noted that the solid foundation of the bilateral relationship between their countries 'has further strengthened through the strategic partnership covering diverse areas, including defense, security, energy, trade, investment, technology, agriculture, culture, health, education, and people-to-people ties.' Modi congratulated the Crown Prince on Saudi Arabia's successful bids to hold the World Expo 2030 and FIFA World Cup 2034. Crown Prince Mohammed bin Salman welcomes Prime Minister Narendra Modi in the Kingdom. (SPA) The two leaders held constructive discussions on ways to strengthen the strategic partnership between India and Saudi Arabia. They co-chaired the second meeting of the Saudi-Indian Strategic Partnership Council. They reviewed the progress of the strategic partnership council since their last meeting in September 2023. The leaders expressed their satisfaction with the outcomes of the work of the two Ministerial Committees, namely: the Committee on Political, Security, Social and Cultural Cooperation and their subcommittees, and the Committee on Economy and Investment and their joint working groups, in diverse fields. They welcomed the expansion of the strategic partnership council to four ministerial committees reflecting the deepening of the strategic partnership, by addition of the Ministerial Committees on Defense Cooperation, and Tourism and Cultural Cooperation. The Indian delegation expressed its appreciation for Saudi Arabia for the continuing welfare of around 2.7 million Indian nationals residing in the Kingdom, reflecting the strong people-to-people bonds and immense goodwill that exists between their nations. It also congratulated Saudi Arabia for successfully holding the Hajj in 2024. Both sides welcomed the growth of the economic relationship, trade, and investment ties between India and Saudi Arabia in recent years. The Indian side congratulated Saudi Arabia on the progress achieved in goals under Vision 2030, while Saudi officials expressed appreciation for India's sustained economic growth and the goal of Viksit Bharat of becoming a developed country by 2047. Both sides agreed to work together in areas of mutual interests to fulfill respective national goals and achieve shared prosperity. India and Saudi Arabia stressed their commitment to strengthening their direct and indirect investment partnership. They commended the outcomes of the Saudi-India Investment Forum, held in New Delhi in September 2023, and the active cooperation it achieved between the public and private sectors from both countries. They commended the expansion of investment activities by Indian companies in the Kingdom, highlighting the role of the private sector in enhancing mutual investments. In the field of energy, India agreed to work with the Kingdom to boost the stability of global oil markets and to balance global energy market dynamics. Both sides emphasized the need to ensure security of supply for all energy sources in global markets. They agreed on the importance of bolstering cooperation in several areas in the energy sector, including the supply of crude oil and its derivatives including LPG, collaboration in India's Strategic Reserve Program, joint projects across the refining and petrochemical sector, including manufacturing and specialized industries, innovative uses of hydrocarbons, electricity, and renewable energy. This includes completing the detailed joint study for electrical interconnection between the two countries, exchanging expertise in the fields of grid automation, grid connectivity, electrical grid security and resilience, and renewable energy projects and energy storage technologies. Officials are seen at the Saudi-Indian Strategic Partnership Council meeting. (SPA) The two sides stressed the importance of cooperation in the field of green/clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, and exchanging expertise and experiences to implement best practices. They acknowledged the need to work on developing supply chains and projects linked to the energy sector, enabling cooperation between companies, deepening cooperation in the field of energy efficiency and rationalizing energy consumption in the buildings, industry, and transportation sectors, and raising awareness of its importance. Both sides expressed satisfaction at the steady growth in bilateral trade in recent years, with India being the second largest trading partner for Saudi Arabia, and Saudi Arabia being India's fifth largest trading partner in 2023-2024. Both sides agreed to further deepen cooperation to diversify their bilateral trade. Moreover, they stressed the strengthening of defense ties as a key pillar of the strategic partnership, and welcomed the creation of a Ministerial Committee on Defense Cooperation under the Strategic Partnership Council. They noted with satisfaction the growth of their joint defense cooperation, including numerous 'firsts', like the first ever Land Forces exercise SADA TANSEEQ, two rounds of the Naval Exercises AL MOHED AL HINDI, many high-level visits, and training exchanges, towards ensuring the security and stability of the region. They welcomed the outcomes of the 6th meeting of the Joint Committee on Defense Cooperation held in Riyadh in September 2024, noting the initiation of staff-level talks between all three services. Both sides agreed to boost defense industry collaboration. Noting the continuing cooperation achieved in security fields, both sides highlighted the importance of this cooperation for better security and stability. They also emphasized the importance of furthering cooperation between both sides in the areas of cybersecurity, maritime border security, combating transnational crime, narcotics and drug trafficking. Both sides strongly condemned the gruesome terror attack in Pahalgam, Jammu and Kashmir, on April 22, which claimed the lives of innocent civilians. They condemned terrorism and violent extremism in all forms and emphasized that this remains one of the gravest threats to humanity. They agreed that there can be no justification for any act of terror for any reason. They rejected any attempt to link terrorism to any particular race, religion or culture. They also welcomed the excellent cooperation between the two sides in counter-terrorism and terror financing. The two sides stressed their full support for the international and regional efforts aimed at reaching a comprehensive political solution to the crisis in Yemen. India praised the Kingdom's many initiatives aimed at encouraging dialogue between the Yemeni parties, and its role in providing and facilitating access of humanitarian aid to all regions of Yemen. The two sides agreed on the importance of cooperation to promote ways to ensure the security and safety of waterways and freedom of navigation in line with the United Nations Convention on the Law of the Sea (UNCLOS). Signed during the visit were an MoU between the Indian Department of Space and the Saudi Space Agency in the field of space activities for peaceful purposes, an MoU between the Indian Ministry of Health and Family Welfare and Saudi Ministry of Health on cooperation in the field of health, bilateral agreement between the Indian Department of Posts and the Saudi Post for inward foreign surface parcel, and an MoU between the Indian National Anti-Doping Agency and Saudi Arabia Anti-Doping Committee for cooperation in the field of anti-doping and prevention. Both sides agreed to hold the next Strategic Partnership Council meeting at a mutually convenient time. Recognizing their ongoing economic and social progress, they also committed to continued communication, coordination, and cooperation across various sectors. At the end of the visit, Modi conveyed his best wishes for continued progress and prosperity of the friendly people of Saudi Arabia. Crown Prince Mohammed extended his sincere wishes to Modi and the friendly people of India for further progress and prosperity.
India Gazette
23-04-2025
- Business
- India Gazette
Saudi Arabia, India expand Strategic Partnership Council
WAM 23 Apr 2025, 13:40 GMT+10 JEDDAH, 23rd April, 2025 (WAM) -- Saudi Arabia and India have agreed to expand the Saudi-Indian Strategic Partnership Council to include four ministerial committees, featuring a ministerial committee for defence cooperation and another for tourism and culture. Emphasising the significance of joint efforts in addressing global challenges, both countries also committed to enhancing cooperation and coordination within international organisations and forums, including the G20, the International Monetary Fund and the World Bank. This commitment aims to bolster efforts in addressing global economic challenges. According to the Saudi Press Agency (SPA), the announcement was made in a joint statement issued at the conclusion of Indian Prime Minister Narendra Modi's visit to the Kingdom. The two sides highlighted the solid foundation of their bilateral relations, which continue to grow through a strategic partnership spanning various sectors such as defence, security, energy, trade, investment, technology, agriculture, culture, health, education and people-to-people ties. They also exchanged views on regional and international developments of mutual interest.
Argaam
23-04-2025
- Business
- Argaam
Saudi Arabia, India expand partnership council to 4 ministerial committees
Saudi Arabia and India welcomed the expansion of the Saudi-Indian Strategic Partnership Council to include four ministerial committees, reflecting the deepening strategic ties between the two nations. This expansion introduces a committee for defense cooperation and another for tourism and cultural collaboration. This announcement was made in a joint statement at the conclusion of the visit of the Indian Prime Minister to the Kingdom. Both sides emphasized that the strong foundation of bilateral relations between the two countries has been further enhanced through this strategic partnership, which covers a wide range of areas including defense, security, energy, trade, investment, technology, agriculture, culture, health, education, and people-to-people ties. The two sides also exchanged views on current regional and international issues of mutual interest. The Indian side agreed to work with Saudi Arabia to enhance the stability of global oil markets and achieve balance in global energy market dynamics. Both sides emphasized the importance of ensuring the security of energy supplies in global markets. They agreed to strengthen cooperation in several areas within the energy sector, including the supply of crude oil and its derivatives, including LPG, cooperation in India's strategic petroleum reserve program, joint projects in refining and petrochemicals sectors, innovative uses of hydrocarbons, electricity, renewable energy, including completing a joint detailed study on the electrical interconnection between the two countries, and exchanging expertise in network automation, integration, and the security and resilience of power grids. Additionally, they discussed renewable energy projects, energy storage technologies, and enhancing the participation of companies from both sides in implementing projects. Both parties highlighted the importance of cooperation in green/clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, and exchanging experiences to apply best practices. The two sides also agreed on the importance of working on developing supply chains and projects related to the energy sector, enabling cooperation between companies, enhancing energy efficiency, and promoting energy conservation in sectors such as buildings, industry, and transportation, while increasing awareness of its importance. The two leaders expressed satisfaction with the progress made in discussions under the high-level working group established in 2024 to enhance investment flows between the two countries. Saudi Arabia's efforts to invest in India across various sectors, including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, communications, pharmaceuticals, manufacturing, and health, were highlighted, with an understanding reached in multiple areas aimed at accelerating investment flows. They also pointed to the agreement reached within the high-level working group for cooperation in the establishment of two refineries. Both sides reiterated their commitment to strengthening their direct and indirect investment partnership and agreed to facilitate further cooperation in the startup ecosystem, contributing to mutual growth and innovation. Regarding climate change, both sides emphasized the importance of adhering to the principles of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, with a focus on developing and implementing climate agreements that concentrate on emissions rather than sources. The Indian side praised the Kingdom's launch of the Saudi Green and Middle East Green initiatives and expressed support for Saudi Arabia's efforts in climate action. Both sides stressed the importance of joint cooperation in developing carbon circular economy applications by enhancing policies that use the carbon circular economy as a tool for managing emissions and achieving climate change goals. Both sides expressed satisfaction with the steady growth of bilateral trade in recent years, with India being the Kingdom's second-largest trading partner and the Kingdom being India's fifth-largest trading partner for the period 2023-2024. They agreed to continue strengthening cooperation to diversify trade, increase business visits, trade delegations, and organize trade and investment events in both countries. They also expressed a desire to start negotiations for a Free Trade Agreement (FTA) between India and the Gulf Cooperation Council (GCC). Both sides agreed on the importance of enhancing cooperation and coordination between the two countries in international organizations and forums, including the G20 and the International Monetary Fund (IMF) and World Bank, to support efforts to tackle challenges facing the global economy.
