By Dr. Saud Al-Sati
Civilizational ties
between Saudi Arabia and India began with the trade of a handful of commodities
— spices, aromatics, almonds and dates — and gradually transcended into the
realm of people and ideas. Scholars from India came to our region to learn
Arabic and Islamic jurisprudence and the Arabs went to India to learn
mathematics, astronomy and philosophy. Trust, mutual understanding, goodwill
and respect for each other’s interests have nurtured our dynamic cultural,
economic and political relations throughout.
We have made remarkable progress in diverse fields, including the trade,
investment, energy, security and cultural spheres since the signing of the
landmark Riyadh Declaration of February 2010, which elevated our relationship
into a strategic partnership. The last decade has been particularly seminal in
transforming the nature of our relations. The frequency of high-level bilateral
visits in recent years demonstrates the commitment to strengthening our
strategic partnership. King Salman’s visit to India in February 2014 was
followed by the visit of Prime Minister Narendra Modi to Saudi Arabia in April
2016. The landmark state visit of Crown Prince Mohammed bin Salman to India in
February this year especially reaffirmed the strong friendship between our two
nations and the momentous future that lies ahead of us. Crown Prince Mohammed
and Modi again met on the sidelines of the G20 Summit in Japan in June and
agreed to set up a high-level mechanism to boost concrete actions in terms of
investment, technology and manufacturing across various sectors.
The Kingdom views India as a strategic partner in its pursuit of Vision 2030,
which seeks to create a vibrant society, a thriving economy and an ambitious
nation. The Kingdom also wants to be a part of India’s march toward becoming a
$5 trillion economy by 2025.
Crown Prince Mohammed’s visit to India was instrumental in furthering the
strategic partnership across sectors — trade, investments, energy, security and
culture — with the potential for transforming the region. Some $10 billion of
investment through the Public Investment Fund and its technology partners was
announced during the visit, along with the exploration of other investment
opportunities potentially worth $26 billion.
Saudi Aramco’s proposed investments in India’s energy sector, such as the $44
billion West Coast Refinery and Petrochemical project in Maharashtra and
long-term partnership with Reliance, reflects Saudi Arabia’s commitment to
meeting India’s growing need for crude oil and petroleum products. Energy security
is a key pillar of our strategic partnership, with immense scope for growth.
Saudi Arabia and India also identified more than 40 opportunities for
collaboration and joint investments across various sectors, meaning our current
bilateral trade of approximately $34 billion will undoubtedly continue to
increase in the near future. In fact, the Saudi Arabian General Investment
Authority issued licenses to 267 new foreign investors in the first quarter of
2019, 30 of them being Indian companies.
The multiple
memorandums of understanding signed during the visit of Crown Prince Mohammed
to India in the fields of housing, tourism, broadcasting of audio-visual
programs, and investments will further pave the way for expanding bilateral
trade and economic cooperation. The two nations are also exploring more
cooperation in the areas of space, science and technology, including remote
sensing, satellite communication and satellite-based navigation. During the
visit, the two countries also agreed to constitute a comprehensive security
dialogue at the level of national security advisers and set up a Joint Working
Group on Counterterrorism.
The Saudi Arabia-India joint statement of February 2019 echoes the desire on
both sides to broaden people-to-people interactions and increase two-way
tourism by addressing challenges with regard to consular and immigration
issues. Both sides also look forward to the integration of the migration
platforms of both countries to create a robust migration environment.
Approximately 3 million Indians live in Saudi Arabia, forming the largest
expatriate community in the Kingdom. Saudi Arabia’s new residency permit scheme
will further invite talent into the country.
There is huge untapped potential available in merchandise trade, particularly
in non-oil trade, and we are enhancing cooperation in the economic, commercial,
investment, cultural and technological fields.
Modi’s current visit will further elevate and reinforce the strategic
partnership between our two friendly countries.
The deepening of our bilateral relations comes at a crucial time, as the
economies of Saudi Arabia and India are positively transforming. As formidable
economies of the Middle East and Asia, Saudi Arabia and India have a historic
opportunity to collaborate in shaping the future of our regions, for a better
tomorrow full of prosperity and promise.
(The author Dr. Saud Al-Sati is Saudi Arabia’s ambassador to India.)
