Ties on rise! PM Modi to visit Saudi Arabia on Oct 29

Riyadh, October 25: Prime Minister Narendra Modi is going to have a two-day visit to Saudi Arabia on October 29 and 30. This visit is likely to be much valuable for India as both nations are going to sign a raft of key pacts to significantly ramp up ties in several key sectors including oil and gas, renewable energy and civil aviation.

 

In Saudi capital Riyadh, the prime minister will meet Saudi King Salman bin Abdulaziz Al Saud and hold delegation level talks with Crown Prince Mohammad bin Salman. PM Modi will also deliver an address at the third edition of Saudi Arabia's Future Investment Initiative, an annual investment forum. The Saudi Prince will host a banquet dinner for Modi on October 29.

As per the information given by Secretary (Economic Relations) in the External Affairs Ministry T. S. Tirumurti, the major pacts to be signed included an agreement to launch an India-Saudi Arabia Strategic Partnership Council, an MoU to roll out RuPay card, India's digital payment system, and a separate one on bringing coordination between e-migration systems of the two countries.

Both sides will also deliberate on further enhancing defence and security cooperation. The first naval exercise between the two nations will take place by end of this year or early next year.

 

The two countries are also set to finalise and move ahead on the ambitious west coast refinery project in Maharastra which will involve investments from Saudi oil giant Aramco, UAE's Abu Dhabi National Oil Company and Indian public sector oil firms. 

To expand energy ties, two countries are also set to sign an MoU for a joint venture between Indian Oil Middle East and with Saudi company Al Jeri for downstream cooperation and setting up of fuel retail business in the Gulf country.

The visit comes against the background of Modi’s continued engagement with Gulf countries to forge a new closeness. In August, Modi travelled to the UAE and to Bahrain. India has invited Saudi Arabia to participate in India's strategic petroleum reserves and New Delhi hopes to finalise an MoU for it during the prime minister's visit.