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 came in the two countries’ joint statement at the conclusion of Indian Prime Minister Narendra Modi’s third visit to the Kingdom.
Leaders explore ways to strengthen strategic partnership
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia received Modi at Al-Salam Palace, Jeddah. The two leaders held official talks, during which they recalled the strong bonds of historically close friendship between the Republic of India and the Kingdom of Saudi Arabia. The two leaders held constructive discussions on ways to strengthen the strategic partnership between India and Saudi Arabia.
They also 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.
Notably, India stands as Saudi Arabia’s second-largest trading partner, while Saudi Arabia is India’s fifth-largest partner and its second-largest oil supplier. Bilateral trade volume reached $39.9 billion in 2024.
Saudi Arabia’s attractive investment climate has drawn significant Indian investments, reaching $4 billion in 2023, a notable 39 percent increase from $2.39 billion in 2022.
Saudi Arabia, India to collaborate on establishing two refineries
During their meeting, Prince Mohammed bin Salman and Modi noted their satisfaction with 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 Saudi Arabia’s endeavor to invest in India in multiple areas, including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health, the leaders noted that the High-Level Task Force came to an understanding in multiple areas which will rapidly promote such investment flows.
They also highlighted 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 also spotlighted the launch of the India Desk at the Public Investment Fund (PIF) to act as the nodal point for investment facilitation by PIF.
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Stronger cooperation in space sector
During the visit, the Indian Department of Space and the Saudi Space Agency signed a deal in the field of space activities for peaceful purposes. Prince Mohammed bin Salman and Modi noted that the MoU on space cooperation 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.
Saudi Arabia and India also signed an MoU on cooperation in the field of health, a 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.
