Latest news with #WorldExpo2030
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.
&w=3840&q=100)
Business Standard
22-04-2025
- Business
- Business Standard
PM Modi calls Saudi ties 'limitless', bats for trade and strategic growth
Prime Minister Narendra Modi has called the relationship between India and Saudi Arabia a 'limitless partnership' during his visit to Jeddah. This is his third trip to the Kingdom since 2016. In an interview with Arab News, Modi said Saudi Arabia is 'a trusted friend and strategic ally'. He said the two countries have grown much closer since the formation of the Strategic Partnership Council in 2019. 'Our partnership has limitless potential. In a world full of uncertainties, our bond stands strong, as a pillar of stability,' he said. During the interview, he praised Saudi Crown Prince Mohammed bin Salman for strengthening the relationship. Modi described him as 'a strong advocate of our bilateral ties' and 'a visionary who has inspired global admiration through the reforms under Vision 2030.' 'Every time I have met him, His Royal Highness has left a deep impression on me. His insights, his forward-thinking vision, and his passion for fulfilling the aspirations of his people are truly remarkable,' Modi said. Stronger trade, tech, and defense ties Modi also spoke about economic growth between the two countries. Even with global challenges, trade has increased, especially in energy, agriculture, and fertilisers. Modi encouraged deeper ties in newer areas like green hydrogen and technology. 'Indian companies have also maintained a strong presence across various sectors in Saudi Arabia,' he said. Modi congratulated Saudi Arabia for winning the bids to host World Expo 2030 and the FIFA World Cup 2034. He said these achievements are a matter of 'immense pride'. He also highlighted growing defense cooperation, including joint military exercises, as a sign of stronger strategic trust. On the India-Middle East-Europe Economic Corridor (IMEEC), launched during the G20 Summit in 2023, Modi said the project would be 'a key catalyst of commerce, connectivity and growth in the entire region.' The Indian government said the visit 'reflects the importance India attaches to its bilateral relationship with the Kingdom of Saudi Arabia'. What's on the agenda during the Saudi visit? Modi will talk about the number of Indian pilgrims allowed to go on Hajj – the yearly Islamic pilgrimage to Mecca – during his meeting, according to PTI. India's Hajj quota for 2025 has gone up to 175,025 from 136,020 in 2014. So far, plans for 122,518 pilgrims have been completed. But because of delays by some travel groups handling the Hajj, about 42,000 Indians might not be able to go this year. The two leaders will also talk about health, research, new technology, culture, science, space, and energy. Inviting Saudi Arabia to invest in India, Modi said Saudi companies should make use of the big opportunities in India's development journey, known as 'Viksit Bharat'. They can help build modern infrastructure, improve transport, support renewable energy, healthcare, innovation, start-ups, and areas like the 'blue economy', which includes ocean-related industries.
United News of India
22-04-2025
- Business
- United News of India
PM Modi praises 'limitless potential' of growing bilateral ties with Saudi Arabia
Jeddah/New Delhi, Apr 22 (UNI) As he visits Jeddah for bilateral talks with the Saudi leadership, Prime Minister Narendra Modi has praised the 'limitless potential' of India's growing ties with Saudi Arabia. PM Modi, who is on a two-day visit to Saudi Arabia, his third since 2016, has described the Kingdom as 'a trusted friend and strategic ally', in an interview to Arab News. He has emphasised how bilateral relations have expanded significantly since the creation of the Strategic Partnership Council in 2019. 'Our partnership has limitless potential,' Modi said. 'In a world full of uncertainties, our bond stands strong, as a pillar of stability.' He praised Saudi Crown Prince and Prime Minister Mohammed bin Salman's leadership, calling him 'a strong advocate of our bilateral ties' and a visionary who has inspired global admiration through the reforms under Vision 2030. 'Every time I have met him, His Royal Highness has left a deep impression on me. His insights, his forward-thinking vision, and his passion for fulfilling the aspirations of his people are truly remarkable,' he said. Highlighting shared economic ambitions, PM Modi noted that trade between the two countries had grown even amid global challenges, with energy, agriculture and fertilsers as key sectors. He welcomed deeper integration of Saudi and Indian businesses, particularly in emerging sectors like green hydrogen and technology. 'Indian companies have also maintained a strong presence across various sectors in Saudi Arabia,' he said. Modi also congratulated the Kingdom for winning the bids to host World Expo 2030 and FIFA World Cup 2034, describing the dual successes as a matter of 'immense pride'. He also pointed to growing defense cooperation and landmark joint military exercises as signs of increasing strategic trust. On the India-Middle East-Europe Economic Corridor (IMEEC), launched during the G20 Summit in September 2023, Modi said the project would be 'a key catalyst of commerce, connectivity and growth in the entire region.' 'Our relations have been on an upward trajectory since 2014. I fondly recall that in 2016, I had the honor of receiving The Order of King Abdulaziz from His Majesty King Salman. 'I truly believe these are promising times for India-Saudi Arabia ties. And, I must say, the Saudi leadership has played a vital role in strengthening this partnership. 'India and Saudi Arabia will keep moving forward together — for peace, progress and prosperity, not just for our people, but for the entire world.' On Crown Prince and PM Mohammad bin Salman, the PM said: 'I value the personal warmth and trust we share. And, yes, this personal rapport has naturally translated into how both countries give priority to our partnership. He is a strong advocate of our bilateral ties. He has been a great supporter of the Indian diaspora in Saudi Arabia and our people living in Saudi Arabia deeply admire him. 'When we talk, we focus on making this partnership future-ready. Jeddah has had a special connection with India. For centuries, this famed city has been one of the principal arteries for our trade and people-to-people exchanges. As a gateway to Makkah, for ages, our pilgrims have walked the by-lanes of Jeddah on their holy journey for Hajj and Umrah.' PM Modi said the two countries are working on a Bilateral Investment Treaty. 'The proposed Free Trade Agreement between India and GCC has immense potential to transform the economic relationship between India and Saudi Arabia, and the region in general.' Congratulating Saudi Arabia for being chosen as the host for World Expo in 2030 and FIFA World Cup in 2034, PM Modi said the mega events also offer opportunities for Indian companies. 'Our companies, as you are aware, have built a global reputation for their quality, competitiveness and efficiency. 'I understand that the Indian companies already have a strong participation in Saudi infrastructure and technology sectors. They are also creating value in various mega and giga projects as part of Saudi Arabia's Vision 2030. 'I also invite Saudi companies to take advantage of the remarkable opportunities in India as part of our Viksit Bharat journey. They can participate in the growth of India's next-generation infrastructure, logistics, renewable energy, healthcare, utilities, innovation, start-ups and 'blue economy' sectors. 'Deeper engagements and two-way collaborations between companies of both countries will go a long way in strengthening the bilateral economic partnership.' UNI RN
Times of Oman
22-04-2025
- Business
- Times of Oman
Saudi Arabia ‘one of India's most valued partners, a trusted friend and a strategic ally,' Indian PM Narendra Modi tells Arab News
Jeddah: Prime Minister Narendra Modi has called Saudi Crown Prince Mohammed bin Salman a "strong advocate of bilateral ties" who is "deeply admired" by the Indian diaspora. The Prime Minister was speaking to the Arab News. "Every time I have met him, His Royal Highness has left a deep impression on me. His insights, his forward-thinking vision, and his passion for fulfilling the aspirations of his people are truly remarkable," he said. "Under his leadership, Saudi Arabia has undergone tremendous social and economic transformation. The reforms he has undertaken have not just inspired the region, but also caught the attention of the entire world. One can see the transformational changes in the country under Vision 2030 in a very short period. I value the personal warmth and trust we share. And, yes, this personal rapport has naturally translated into how both countries give priority to our partnership. He is a strong advocate of our bilateral ties. He has been a great supporter of the Indian diaspora in Saudi Arabia and our people living in Saudi Arabia deeply admire him," the Prime Minister added. Prime Minister Modi also congratulated the Kingdom for winning the bids to host World Expo 2030 and FIFA World Cup 2034, describing the dual successes as a matter of "immense pride." "As a close friend, India rejoices in Saudi Arabia's stellar achievements. I would like to congratulate the people of Saudi Arabia and its leadership for being chosen as the host for World Expo in 2030 and FIFA World Cup in 2034. It is a matter of immense pride for any country to host two marquee global events within a span of four years. It speaks volumes of the leadership of His Royal Highness and his vision," he said. "These mega events will boost the local economy. They offer opportunities for Indian companies as well. Our companies, as you are aware, have built a global reputation for their quality, competitiveness and efficiency. I understand that the Indian companies already have a strong participation in Saudi infrastructure and technology sectors. They are also creating value in various mega and giga projects as part of Saudi Arabia's Vision 2030," the PM added. PM Modi also invited Saudi Companies to take advantage of opportunities in India. "I also invite Saudi companies to take advantage of the remarkable opportunities in India as part of our Viksit Bharat journey. They can participate in the growth of India's next-generation infrastructure, logistics, renewable energy, healthcare, utilities, innovation, start-ups and "blue economy" sectors. Deeper engagements and two-way collaborations between companies of both countries will go a long way in strengthening the bilateral economic partnership," he said. Speaking about Saudi Arabia's role as a key supplier of crude oil and petroleum products to India, the Prime Minister said that the two countries are exploring joint projects in refineries and petrochemicals. "Energy has been an important pillar of our economic partnership. Saudi Arabia has been a strong and reliable energy partner for us. It is one of our top suppliers of crude and other petroleum products. As India seeks to become a developed country, our energy demands will continue to grow. And Saudi Arabia will remain a close partner in our energy security. As strategic partners we agree that our energy cooperation is not limited to mere buyer-seller relationships. We are also exploring joint projects in refineries and petrochemicals," the PM told Arab Times. "The world is also witnessing a gradual shift toward cleaner and more sustainable energy resources. India is moving ahead with an ambitious target for green transition. We are confident of achieving 500 GW renewable energy target by 2030. Even in this journey, there is an immense scope of collaboration with Saudi Arabia. This includes the areas of supply chains, circular economy, energy efficiency and green hydrogen. As partners in the International Solar Alliance, both countries can work toward innovative solutions for future energy needs," PM Modi added. On the India-Middle East-Europe Economic Corridor (IMEEC), launched during the G20 Summit in September 2023, PM Modi said the project would be a key catalyst of commerce, connectivity in the entire region." "This corridor will define the future of connectivity in all forms for centuries to come. It will become the key catalyst of commerce, connectivity and growth in the entire region. The corridor will enhance connectivity in all its forms, be it physical or digital. It will facilitate development of resilient and dependable supply chains, increase trade accessibility and improve trade facilitation. The corridor will increase efficiencies, reduce costs, enhance economic unity, generate jobs and lower greenhouse gas emission, resulting in a transformative integration of Asia, Europe and the Middle East," he said. PM Modi said that this initiative has a transformational potential for humanity. It can be the new Silk Route of the 21st century that will bring benefit to the generations to come.
