India, Saudi Arabia discuss trade agreements throughout Modi visit
(MENAFN) Indian Prime Minister Narendra Modi has embarked on a two-day visit to Saudi Arabia to reinforce ties with the major oil exporter amidst global trade uncertainties. During his trip from April 22-23, Modi and Saudi officials are expected to sign at least six agreements, according to reports from The Hindu.
Modi’s schedule includes meetings with Saudi Crown Prince Mohammed bin Salman, bilateral talks, and a visit to an Indian-run factory where he will meet with Indian workers. The leaders are anticipated to focus on several critical areas, including defense, trade, and energy. India, aiming to become a significant refining hub, could seek further investments from Saudi Arabia, following the Crown Prince’s 2019 pledge to invest $100 billion in India.
The visit is expected to bolster energy relations and lead to several strategic agreements, with Indian Foreign Secretary Vikram Misri noting that both countries aim to shape their energy cooperation into a more strategic partnership. Modi emphasized the shared interests in promoting regional peace, stability, security, and prosperity. This marks Modi's third visit to Saudi Arabia, and his first to the historic city of Jeddah, which plays a crucial role as a trade hub and a gateway for pilgrims heading to Mecca for Umrah and Hajj, as highlighted by Indian Ambassador to Saudi Arabia, Suhel Ajaz Khan.
This visit comes amid a decrease in India’s imports of oil from OPEC, with Russian oil becoming India’s top supplier in recent years. However, both India and Saudi Arabia aim to strengthen trade relations, particularly in refineries and petrochemicals. The two nations are also exploring a bilateral investment treaty and enhanced interconnectivity through the India-Middle East-Europe Economic Corridor.
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