Modi, MBS lay road map to boost investment, ties

India and Saudi Arabia on Monday outlined steps to expedite Riyadh's longgestating plan to invest $100 billion in the country, including a mega refinery, as Prime Minister Narendra Modi and Crown Prince Mohammed bin Salman explored ways to bolster cooperation in areas ranging from energy to defence and reaffirmed their support to the new India-Middle East-Europe Economic Corridor (IMEC).

- Rezaul H Laskar

 

The Crown Prince, also the kingdom's Prime Minister, began a day-long State visit after participating in the G20 Summit over the weekend. The Saudi leader was accorded a ceremonial welcome at Rashtrapati Bhavan before he and Modi co-chaired the first meeting of the Strategic Partnership Council, the apex body to oversee bilateral ties that was set up in 2019.

"Saudi Arabia is one of the most important strategic partners for India. As the world's two largest and fastest growing economies, our mutual cooperation is vital for the peace and stability of the entire region," Modi said at the meeting, speaking in Hindi.

"We together made a historic beginning to establish an economic corridor between India, West Asia and Europe," Modi said, referring to the launch of IMEC during the G20 Summit.

An agreement was signed by India, Saudi Arabia, the European Union, the UAE, the US and other G20 partners for the continued on corridor, which Modi said will enhance economic cooperation, energy development and digital connectivity.

The Saudi prince, too, referred to IMEC and said the partners will have to "work diligently in order to create it into a reality". He added there was no disagreement in the history of India-Saudi Arabia relations, which are based on cooperation to create opportunities.

"Today we're working on future opportunities. There is a huge agenda to be working with. We are working through this council to achieve these accomplishments, and these are promising," he said.