PM Modi Likely To Visit Saudi Arabia Later This Month. What's On The Agenda?

(MENAFN- Live Mint) Prime Minister Narendra Modi is likely to pay a two-day visit to Saudi Arabia this month, news agency PTI said. The visit will explore ways to shore up cooperation in areas of trade, investment, energy and defence between the two nations, the report said.

Modi is likely to travel to Saudi Arabia in the third week of April in what would be his first visit to the Gulf nation in about four years. Modi will be in Saudi Arabia shortly after a planned visit by US National Security Adviser Mike Waltz to India.

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In November last, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud visited India. The visit saw both sides discussing avenues to strengthen their strategic partnership, especially in the areas of trade, investment, energy, defence, security and culture.

Saudi Crown Prince, Mohammed bin Salman bin Abdulaziz Al Saud visited India in September 2023.

Deliberations on proposed IMEC expected

During PM Modi's visit, the two sides are also expected to deliberate on the regional security scenario as well as the proposed India-Middle East-Europe Economic Corridor (IMEC), the PTI report said, quoting people familiar with the matter.

The overall ties between India and Saudi Arabia have been on an upswing in the last few years. The Gulf nation has a 2.6 million-strong Indian community and it is considered a vital pillar of the relationship between the two countries.

Prime Minister Modi's visit to Riyadh in April 2016 and then in 2019 was considered significant in opening a new chapter in India-Saudi Arabia ties and and played a significant role in strengthening the ties between the two nations.

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In December 2020, General MM Naravane, who was then the Chief of Army Staff, made a historic visit to Saudi Arabia, marking the first-ever visit by the head of the 1.3 million-strong Indian Army to this significant Gulf nation.

The bilateral trade has grown steadily over the years. India is the second largest trade partner of Saudi Arabia while the Gulf nation is the fifth largest trading partner of New Delhi.

USD 42.98 billion bilateral trade

In 2023-24, bilateral trade stood at USD 42.98 billion, with Indian exports at USD 11.56 billion and imports at USD 31.42 billion.

Indian investments in Saudi Arabia have also increased in recent years, reaching a cumulative figure of approximately USD 3 billion in August 2023.

These investments are across diverse sectors such as management and consultancy services, construction projects, telecommunications, IT, financial services, software development, pharmaceuticals, etc .

Major Indian companies and corporate groups such as L&T, TATA Motors , Wipro , TCS, Shapoorji & Pallonji, Tech Mahindra, Vedanta and Essar have established a strong presence in Saudi Arabia.

Dubai Crown Prince in India

Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum of Dubai arrived in New Delhi on his first official visit to India April 8. He was welcomed with a ceremonial guard of honour at Palam Airport, where he was received by Union Minister of State for Tourism and Petroleum and Natural Gas, Suresh Gopi, along with senior Indian leaders.

The Prince also met PM Modi

(With PTI inputs)

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