Prime Minister co-chaired the second leaders meeting of the India-Saudi Arabia Strategic Partnership Council (SPC).
Key Outcomes
- Expansion of India-Saudi Arabia SPC to include two new Ministerial Committees – one on Defence Cooperation and another on Tourism and Cultural Cooperation.
- Earlier, SPC comprised of two Ministerial Committees – one on Political, Consular and Security Cooperation, and another on Economy, Energy, Investment and Technology.
- Joint High Level Task Force on Investment (HLTF), constituted in 2024, agreed to collaborate on establishing two refineries in India.
- Memorandum of Understanding (MoUs) signed for cooperation in space activities for peaceful purposes, health, and anti-doping education and prevention.
- Agreed to expedite negotiations on India-GCC FTA and Bilateral Investment Treaty.
India-Saudi Arabia Relations
- Economic Cooperation: India is Saudi’s 2nd largest trading partner and Saudi is India’s 5th.
- In FY 2023-24, bilateral trade stood at USD 42.98 billion and Saudi investment in India has been about USD 10 billion.
- Partners in India Middle East Europe Corridor initiative.
- Energy Partnership: 3rd largest crude oil and LPG supplier to India in FY 2023-24.
- Diaspora: Indian community in Saudi Arabia numbers at approximately 2.7 million.
- Defence & Security: Joint exercises (SADA TANSEEQ, AL MOHED AL HINDI) and defence manufacturing ties.