Saudi Arabia, India strengthen strong bonds of friendship Premier Modi’s visit in 2016 broadened scope of partnership
The visit of Indian Prime Minister Narendra Modi to Riyadh in April 2016 further bolstered the relationship, laying foundations for deeper ties and broadening the scope of the partnership.
This landmark visit, preceded by those of the late King Abdullah to India and the then-Prime Minister Manmohan Singh to Saudi Arabia, laid the foundation of a strong strategic partnership and supplied the momentum to the relationship.
Agreements signed during these high-profile state visits underlined the need to focus on five pillars of cooperation: Trade and investment; energy; overseas employment; defense and security; and cultural interaction.
Undoubtedly in recent years India and Saudi Arabia have shared a healthy bilateral accord based on mutual interests — extensive trade, energy imports, cultural contacts and growing security cooperation.
Since taking power in 2014, the Modi government gave revewed vigor to this drive, prioritizing key areas of mutual benefit, promising well for growth in Saudi-Indo relations.
Through his visits to the major Gulf countries, including Saudi Arabia and the UAE, Modi revitalized India’s relations with the entire Gulf and extended region.
Currently, India-Saudi relations revolve around the key areas of trade and investment and defense and security cooperation.
In an interview with Arab News last week, Indian Ambassador Ahmad Javed, said: “The Indian economy remains the oasis of growth and stability in the global scenario, and it is growing steadily at seven percent.”
He pointed out that “several major MNCs see India as a land of potential and opportunities and are keen to invest in India, Saudi MNCs are no exception.”
Ambassador Javed noted that Saudi Aramco has opened its office Aramco Asia India Ltd. in India recently.
The Saudi Basic Industries Corporation (SABIC) also has a huge presence in India.
“On the whole, India welcomes the world to explore the economic opportunities our nation has to offer, and we expect Saudi Arabia to be the foremost country to reap the benefits,” he added, mentioning the cordial relations between the two countries and their centuries-old economic and socio-cultural ties.
Referring to the genesis of SaudiIndian relations, he said that the highlevel visits from both sides had paved the way.
The historic visit by King Saud to India in 1955, following Crown Prince Faisal’s preparatory visit, and the reciprocal visit by Jawaharlal Nehru, first prime minister of independent India, to the Kingdom in 1956, laid strong foundations.
The visit of Prime Minister Indira Gandhi to Saudi Arabia in 1982 further boosted relations.
Saudi Arabia is India’s 4th largest trading partner and a major pillar of India’s energy security.
“India and Saudi Arabia, guided by their steadfast leadership, have embarked on an ambitious economic agenda… both have lots of potential and opportunities,” said the Indian envoy.
Investments are another important area where India looks to the Gulf countries, including the Kingdom, for foreign direct investments (FDIs) in its expanding market.
As the Modi government focuses on infrastructure and projecting India as a potential global manufacturing hub, Saudi Arabia has shown signs of being a major source of investments due to its large sovereign wealth fund.
From April 2000 to December 2016, Saudi companies invested $75 million in the Indian market.
While this is below other leading investors and its potential, it formed a significant part of the discussion during Modi’s Riyadh visit in April 2016 and his meeting with Crown Prince Mohammed bin Salman, in Hangzhou, China, at the G-20 meeting that year.
“We look to tap the complementarities and assure development to both the sides,” said the diplomat, adding that the recent classification of yoga under sports and activities by Saudi authorities is expected to further enhance the cultural exchanges.
Referring to the energy cooperation between the two countries, he said Saudi Arabia continues to be a reliable source of India’s energy security.
RIYADH: The relationship between India and Saudi Arabia — two traditionally friendly countries — has strengthened over the past decade into a strategic partnership incorporating greater political and security elements.