February 20, 2019
Welcoming the Crown Prince on his first state visit to India, President Kovind said that India-Saudi Arabia relations have strengthened over the past years on the back of growing bilateral commerce
Saudi Arabia is India’s biggest source of hydrocarbons. During the visit, President Kovind said that the current buyer-seller relationship will need to be taken to a strategic level to maximise opportunities
The President said that India wished to be a partner in Saudi Arabia’s ‘Vision 2030’. Indian firms have already invested in and created jobs in Saudi Arabia, especially in the technology sector - India’s strength
The two sides agreed on further deepening trade and investment cooperation by aligning Saudi Arabia’s Vision 2030 with India’s "Make in India”, "Startup India”, "Smart Cities”, "Clean India”, and "Digital India”
The President of India, Shri Ram Nath Kovind, received Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince, Vice President and Defence Minister of the Kingdom of Saudi Arabia, at Rashtrapati Bhavan on February 20. Welcoming Crown Prince Mohammed bin Salman on his first state visit to India, President Kovind said that India-Saudi Arabia relations have been steadily strengthening over the past years on the back of growing bilateral commerce as well as governmental collaborations. Total bilateral trade over fiscal 2017-18 was reported at US$27.5 billion.
Saudi Arabia is India’s biggest source of hydrocarbons. During the visit, President Kovind said that the current buyer-seller relationship will need to be taken to a strategic level to maximise opportunities. The President said that India wished to be a partner in Saudi Arabia’s ‘Vision 2030’. Indian companies have already invested in and created jobs in Saudi Arabia, especially in the technology sector, which is India’s strength. During his stay, Crown Prince Mohammed bin Salman also held meetings with Prime Minister Shri Narendra Modi as well as Foreign Minister Smt Sushma Swaraj.
During Crown Prince Mohammed bin Salman’s visit, the two sides signed agreements pertaining to – (1) Investment in the National Investment and Infrastructure Fund of India; (2) Cooperation in the field of Tourism; (3) Cooperation in the field of Housing; (4) Cooperation between Invest India and Saudi Arabia General Investment Authority (SAGIA); (5) Cooperation on Broadcasting for exchange of Audio-Visual Programmes; (6) Agreement for Saudi Arabia to join the International Solar Alliance (ISA). The two sides are also looking to tap trade, particularly in non-oil products.
Additionally, the two sides agreed on further deepening trade and investment cooperation by aligning Saudi Arabia’s Vision 2030 and its 13 Vision Realization Programmes with India’s flagship initiatives of “Make in India”, “Startup India”, “Smart Cities”, “Clean India”, and “Digital India”. The Saudi side also expressed its readiness to attract Indian private and public sector investments and expertise in the upcoming mega projects in Saudi Arabia totalling over US$100 billion.