Saudi Arabia, India strengthen strong bonds of friendship

RIYADH: The relationship between India and Saudi Arabia — two traditionally friendly countries — has strengthened over the past decade into a strategic partnership incorporating greater political and security elements.
The visit of Indian Prime Minister Narendra Modi to Riyadh in April 2016 further bolstered the relationship, laying foundations for deeper ties and broadening the scope of the partnership.
This landmark visit, preceded by those of the late King Abdullah to India and the then-Prime Minister Manmohan Singh to Saudi Arabia, laid the foundation of a strong strategic partnership and supplied the momentum to the relationship.
Agreements signed during these high-profile state visits underlined the need to focus on five pillars of cooperation: Trade and investment; energy; overseas employment; defense and security; and cultural interaction.
Undoubtedly in recent years India and Saudi Arabia have shared a healthy bilateral accord based on mutual interests — extensive trade, energy imports, cultural contacts and growing security cooperation.
Since taking power in 2014, the Modi government gave revewed vigor to this drive, prioritizing key areas of mutual benefit, promising well for growth in Saudi-Indo relations.
Through his visits to the major Gulf countries, including Saudi Arabia and the UAE, Modi revitalized India’s relations with the entire Gulf and extended region.
Currently, India-Saudi relations revolve around the key areas of trade and investment and defense and security cooperation.
In an interview with Arab News last week, Indian Ambassador Ahmad Javed, said: “The Indian economy remains the oasis of growth and stability in the global scenario, and it is growing steadily at seven percent.”
He pointed out that “several major MNCs see India as a land of potential and opportunities and are keen to invest in India, Saudi MNCs are no exception.”
Ambassador Javed noted that Saudi Aramco has opened its office Aramco Asia India Ltd. in India recently.
The Saudi Basic Industries Corporation (SABIC) also has a huge presence in India.
“On the whole, India welcomes the world to explore the economic opportunities our nation has to offer, and we expect Saudi Arabia to be the foremost country to reap the benefits,” he added, mentioning the cordial relations between the two countries and their centuries-old economic and socio-cultural ties.
Referring to the genesis of Saudi-Indian relations, he said that the high-level visits from both sides had paved the way.
The historic visit by King Saud to India in 1955, following Crown Prince Faisal’s preparatory visit, and the reciprocal visit by Jawaharlal Nehru, first prime minister of independent India, to the Kingdom in 1956, laid strong foundations.
The visit of Prime Minister Indira Gandhi to Saudi Arabia in 1982 further boosted relations.
Saudi Arabia is India’s 4th largest trading partner and a major pillar of India’s energy security.
“India and Saudi Arabia, guided by their steadfast leadership, have embarked on an ambitious economic agenda… both have lots of potential and opportunities,” said the Indian envoy.
Investments are another important area where India looks to the Gulf countries, including the Kingdom, for foreign direct investments (FDIs) in its expanding market.
As the Modi government focuses on infrastructure and projecting India as a potential global manufacturing hub, Saudi Arabia has shown signs of being a major source of investments due to its large sovereign wealth fund.
From April 2000 to December 2016, Saudi companies invested $75 million in the Indian market.
While this is below other leading investors and its potential, it formed a significant part of the discussion during Modi’s Riyadh visit in April 2016 and his meeting with Crown Prince Mohammed bin Salman, in Hangzhou, China, at the G-20 meeting that year.
“We look to tap the complementarities and assure development to both the sides,” said the diplomat, adding that the recent classification of yoga under sports and activities by Saudi authorities is expected to further enhance the cultural exchanges.
Referring to the energy cooperation between the two countries, he said Saudi Arabia continues to be a reliable source of India’s energy security.
“The increasing crude demand is to be met by a stronger partnership between India and its oil and gas suppliers (and potential investors), most preferably Saudi Arabia, to deliver an efficient and robust energy sector,” he observed.
In fact, New Delhi has invited Saudi Arabia to invest more in India’s burgeoning markets, encouraging Saudi companies to participate in projects creating mega-industrial manufacturing corridors and smart cities, as well as the Digital India technology and Start up India programs.
In reply to a question about Gulf Cooperation Council (GCC) ties with India, he said “the Gulf region holds a significant position in our political, commercial, security, energy and defense engagements.”
The total trade between India and GCC topped $100 billion in 2016-17, said the envoy, adding that the Gulf region is home to more than eight million Indian expatriates.
Largest group
“Indians form the largest group of expatriates in each of the GCC countries and have contributed to the remarkable economic transformation of these countries during the past five decades,” he added.
Speaking on key issues confronting the world today, Ambassador Javed said “terrorism continues to be one of the most serious threats to the international peace and security, undermining the social and economic development of the nation.”
He added: “India strongly condemns state-sponsored, cross-border terrorism and there can be no tolerance for states sheltering, training or financing terrorists.”
He said that the joint statement issued during the state visit of Prime Minister Modi underscores the commitment of Saudi and Indian leaders to strengthening cooperation in combatting terrorism bilaterally and within the UN.
“It is satisfying that the Kingdom and India have growing cooperation in the fight against terrorism, including exchange of information relating to terrorist activities,” he said.
Turning to the issue of climate change, he added: “India is deeply committed to the Paris Accord.
“Our prime minister has, on his personal initiative, launched the International Solar Alliance as witness to our abiding commitment.”
He also highlighted India’s position on sustainable development and eradicating global poverty.