On Monday, India and Saudi Arabia reached an agreement to enhance their commercial and security relations. This development comes shortly after the presidents of both nations, along with other participants in the Group of 20 summit, announced a significant accord pertaining to the establishment of a railroad and port corridor. This corridor is set to connect India, the Middle East, and Europe.
The meeting between Indian Prime Minister Narendra Modi and Saudi Arabia's Crown Prince Mohammed bin Salman took place in New Delhi, during which they jointly presided over a session of the India-Saudi Arabia Strategic Partnership Council. According to Arindam Bagchi, spokeswoman for India's foreign ministry, the two leaders engaged in discussions on a wide array of topics, including energy security, trade and investment, defence, health care, and food security.
The establishment of the India-Saudi Arabia Strategic Partnership Council in 2019 has provided a significant venue for fostering enhanced bilateral relations between the two nations.
During the last G20 meeting, several nations, including India, Saudi Arabia, the United States, the European Union, and others, unveiled a significant initiative to establish a robust rail and maritime corridor. This corridor aims to connect India with the Middle East and Europe, with the overarching goals of bolstering economic growth and fostering political cooperation among participating countries.
According to experts, this initiative is seen as a viable alternative to China's extensive domestic infrastructure project.
During a televised press conference, Prime Minister Modi referred to Saudi Arabia as a significant strategic partner for India.
According to his statement, the corridor is expected to not only facilitate the connection between the two nations but also enhance economic collaboration, energy advancement, and digital integration among Asia, West Asia, and Europe.
Prior to the commencement of the negotiations, Prince Mohammed was ceremoniously received at the Rashtrapati Bhavan Presidential Palace in New Delhi. He is now engaged in a three-day excursion to India, which includes his attendance at the G20 meeting.
India considers Saudi Arabia to be a highly significant strategic ally in the Middle Eastern region. The bilateral trade volume between the nations amounted to a substantial sum of $52.8 billion during the fiscal year 2022–2023.
