India is currently engaged in discussions with Saudi Arabia regarding the possibility of hosting Crown Prince Mr. Md Bin Salman for a state visit, immediately following the upcoming G20 summit scheduled for next month. Given the strong rapport between Crown Prince Salman and Prime Minister Mr. Narendra Modi, who share a notable chemistry, this visit holds significance. Crown Prince Salman had last visited India in 2019. Notably, senior officials from both nations are actively deliberating on the visit and its potential outcomes.
In discussions related to the visit, Mr. Saud Al-Sati, Saudi Arabia’s deputy minister for political and economic affairs, held talks with Mr. Ausaf Sayed, the secretary in charge of the Arab world at the ministry of external affairs. Mr. Al-Sati had previously served as the Saudi ambassador to India. The upcoming G20 Summit, scheduled for September 9-10, will also see the attendance of the crown prince.
The itinerary of the trip will largely focus on discussions surrounding investments and other facets of the strategic partnership between the two countries. It is noteworthy that Saudi Arabia joined the BRICS group as a new member at the Johannesburg meeting.
A telephonic conversation held in June between Crown Prince Salman and Prime Minister Modi encompassed various dimensions of bilateral cooperation. In recent times, India-Saudi relations have notably flourished, characterized by enhanced collaboration in the defense sector and substantial Saudi investments in India.
Notably, Prime Minister Narendra Modi’s visits to Saudi Arabia in 2016 and 2019, along with Crown Prince Salman’s state visit to India in February 2019, marked the inception of a new era in bilateral relations. These interactions culminated in the establishment of the Strategic Partnership Council (SPC), co-chaired by both leaders. The SPC is a comprehensive entity encompassing diverse sectors of cooperation, complementing the current institutional procedures of the Joint Working Commission (JWC). Within the economic and investment pillar, the JWC comprises four areas: industry and infrastructure, agricultural and food security, information technology and technology, and energy.
Considering Saudi Arabia’s pivotal role as a major supplier of crude oil and LPG to India, the nation’s energy security is closely tied to this partnership. Notably, bilateral trade between the two countries amounted to US$ 42.8 billion in the fiscal year 2021-22. Furthermore, Indian investments in Saudi Arabia have risen to exceed US$ 2 billion, while Saudi investments in India have surpassed US$ 3 billion in recent years.
