Indian Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman held discussions on trade ties in New Delhi after the G20 Summit. The leaders met at the Hyderabad House, New Delhi, for the Saudi-Indian Strategic Partnership Council meeting. During the talks, they covered various areas of cooperation and regional and international topics of mutual interest.
Modi expressed satisfaction with the discussions, highlighting synergy with Saudi Arabia. He emphasized the potential for collaboration in grid connectivity, renewable energy, food security, semiconductors, and supply chains.
The meeting involved senior officials from Saudi Arabia, including Minister of Energy Prince Abdulaziz bin Salman, Foreign Minister Prince Faisal bin Farhan, and Minister of Investment Khalid al-Falih. Falih mentioned the possibility of establishing an office for Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, in India’s tax-neutral financial services center, Gujarat International Finance Tec-City.
Furthermore, the Saudi Export-Import Bank (Saudi EXIM) and the India Export-Import Bank (India EXIM) signed an agreement to boost exports and mutual market presence.
This gathering followed the announcement of a multinational rail and ports deal involving India, Saudi Arabia, the United States, the European Union, the United Arab Emirates (UAE), and other global leaders. The deal aims to connect the Middle East and South Asia through the India-Middle East-Europe Economic Corridor, enhancing connectivity and reducing shipping costs.
US President Joe Biden viewed this agreement as a significant step and a counter to China’s Belt and Road Initiative.
