Saudi Arabia is working to implement an economic corridor with India and the project requires diligent work to achieve, Saudi Crown Prince Mohammed bin Salman said during the joint Saudi-Indian Strategic Partnership Council meeting in New Delhi.
Relations between Saudi Arabia and India are mutually beneficial, and we are working on future opportunities for us both, he said, and was hoping to achieve common goals through the Saudi-Indian Partnership Council.
“The Indian community in Saudi Arabia is part of us and we take care of them as we take care of our citizens,” he said.
The crown prince earlier signed several key agreements with India.
India meanwhile praised its “strategic” partnership with Saudi Arabia, days after unveiling a major trade and transport route linking Europe, the Middle East and India as part of a broad alliance.
“Together, we made the historic start to establish an economic corridor,” Modi told the Saudi crown prince.
On Saturday, the pair took part alongside other G20 leaders in the unveiling of ambitious plans to create a modern-day Spice Route, boosting trade ties with potentially wide-ranging geopolitical implications.
“This corridor will not only connect the two countries, but economic cooperation, digital connectivity between Asia, West Asia and Europe,” Modi added, in talks following the end of the two-day Group of 20 leaders’ summit he hosted.
India and Saudi Arabia, along with the US, the European Union, the UAE and others launched the initiative to link railways, ports, electricity and data networks and hydrogen pipelines.
“As two of the world’s fastest growing economies, our mutual co-operation is important for the peace and stability of the entire region,” Modi added, in footage shown on state broadcasters.
“For India, Saudi Arabia is one of most important strategic partners,” he said.
Meanwhile, Badr Al Badr, the deputy minister of investor outreach at the Saudi Ministry of Investment, said that Saudi Arabia and India have signed a bilateral agreement to bolster the investment climate in both countries.
Speaking at the India-Saudi Investment Forum in New Delhi, Al Badr said: “The Ministry of Investment of Saudi Arabia and Invest India have signed a bilateral agreement to strengthen mutual investment endeavours and have given the comfort zone to investors and traders to do more business.”
The deputy minister further revealed that both nations signed 47 memorandums of understanding, including agreements between private and public sector undertakings.
Further to the agreements signed yesterday, the Ministry of Investment of Saudi Arabia is in the process of opening a country office in India to streamline the process for Indian companies to invest in Saudi Arabia, while the establishment of an agreement between both nations is underway to build a bridge for venture capital and funding for startups.