PM Modi Holds Meetings With Saudi Crown Prince Mohammed Bin Salman, Pacts On Digitalisation And Investment Signed

Prime Minister Narendra Modi on Monday held talks with Saudi Crown Prince Mohammed bin Salman, who is on a daylong state visit to India. 

Salman, popularly known as MBS, arrived in India on Saturday and attended the two-day G20 Summit over the weekend. Following the conclusion of the G20 Summit on Sunday, he began his daylong state visit on Monday. MBS is the de facto ruler of the Kingdom of Saudi Arabia and also holds the designation of Prime Minister. 

MBS was accorded a ceremonial reception at the Rashtrapati Bhavan where he was received by Modi and President Droupadi Murmu.

Following two rounds of talks between Modi and MBS, the Ministry of External Affairs (MEA) said that a total of eight agreements were signed between India and Saudi Arabia on Monday, covering the domains of digitalisation, trade and investment, and corruption and law enforcement cooperation. 

Earlier on Saturday, MBS joined Modi and US President Joe Biden to launch the ambitious India-Middle East-East Europe Economic Corridor (IMEC), an ambitious infrastructure project to connect India with Europe through the Middle East via railway and shipping networks. 

Modi described the talks as "productive" and said that the "scope for cooperation in grid connectivity, renewable energy, food security, semiconductors and supply chains is immense".

Modi and MBS also chaired the first meeting of the Meeting of the India-Saudi Arabia Strategic Partnership Council (SPC) at the leaders-level. Earlier, a ministerial-level meeting of SPC had taken place. 

Calling the meeting "a new chapter in the India-Saudi" talks, MEA Spokesperson Arindam Bagchi said, "Agenda included a broad range of areas of bilateral cooperation including energy security, trade and investment, defence and security, healthcare, food security, culture and community welfare issues among others."

As for their bilateral meeting, Bagchi said, "The two leaders reviewed the various facets of bilateral ties and discussed ways to further unlock the potential of the India-Saudi Strategic Partnership."

Saudi Arabia one of India's most important strategic partners: PM Modi

Prime Minister Narendra Modi said on Monday that Saudi Arabia is one of India's most important strategic partners in the world and that the two sides are adding new dimensions to the relationship in line with the changing times, reported PTI.

Modi and Saudi Crown Prince and de facto ruler MBS held two rounds of talks on Monday: a bilateral meeting and a meeting of the India-Saudi Arabia Strategic Partnership Council.

In his opening remarks at the meeting, Modi said several initiatives have been identified to take "our close partnership to next level. Our relationship will get a new direction and energy in today's meeting", reported PTI. 

MBS said the announcements made at the G20 Summit will benefit the world, according to PTI.

"We will work together to create a great future for both the countries," said MBS.

The India-Saudi relations have been on an upward trajectory in recent years and Saudi Arabia has emerged as a key strategic partner in the Middle East. The last visit of MBS to India was in February 2019, followed by Modi's visit to the country later in October that year, when the Strategic Partnership Council was announced, according to Hindustan Times. 

Since December 2020, a series of high-level visits have taken place between the two countries when the then Chief of Army Staff Gen MM Naravane visited Saudi Arabia in December 2020.

India and Saudi Arabia sign 8 agreements: MEA

During Saudi Crown Prince's Mohammed Bin Salman's state visit to India, the two countries signed a total of eight agreements, according to Ministry of External Affairs. 

The eight agreements include the domains of digital technology, investment, anti-corruption measures, etc, said MEA Secretary (Overseas India Affairs) Ausaf Sayeed.

Sayeed listed the following important agreements: Agreement on energy; agreement in the field of digitalisation and electronic manufacturing; agreement between Indian CVC and Saudi Oversight and Anti-Corruption Authority; agreement with National Archives; agreement between the investment ministries of the two countries; agreement between the two EXIM banks and small and medium enterprises banks of the two sides; agreement on desalinsation. 

During the talks, India and Saudi Arabia also expedite the India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA) negotiations.

The pledged investment of around $100 billion in India by the Saudis also figured in the talks, said Sayeed.

"Both sides extended their full support to the early implementation of the west coast refinery projects...The two sides agreed to set up a joint task force to help in identifying and channelling the 100 Billion Dollar investments which was actually promised by the Saudi side...to have a monitoring committee to ensure that the progress in these refinery projects is done as per the plan laid down by both sides," said Sayeed, as per ANI.

Sayeed also said the issue of doing bilateral trade in Indian and Saudi currencies also figured in the talks.