Saudi Arabia and India agreed to strengthen and expand cooperation across key sectors, during the India–Saudi Arabia Strategic Partnership Council meeting co-chaired by Prime Minister Mohammed Bin Salman and his Indian counterpart Narendra Modi held on Wednesday at the Royal Palace, Jeddah, according to a joint statement.

Energy and trade took center stage: The two sides agreed to jointly establish two oil refineries in India, as well as deepen energy ties and coordination. The agreement comes in a bid to promote stability of global oil and energy markets, to secure supplies of crude oil and derivatives as well as liquefied petroleum gas (LPG).

Both sides also agreed to begin negotiations on the bilateral investment treaty “at the earliest.” The talks also covered the expansion of the Saudi-Indian Strategic Partnership Council to include committees for defense and tourism.

ALSO- they agreed to deepening cooperation in the Indian Strategic Petroleum Reserve Program, as well as manufacturing and specialized industries, and promoting innovation in hydrocarbon, electricity and renewable energies, including plans for a joint study on electrical interconnection.

DATA POINT- India is Saudi Arabia’s second-largest trading partner, with trade flows reaching USD 39.9 bn in 2024. Indian investments in Saudi Arabia also saw significant growth, rising 39% y-o-y to USD 4 bn in 2023, up from USD 2.4 bn in 2022, state news agency SPA added.

Also signed at the meeting:

  • An MoU on space cooperation
  • An MoU on anti-doping and prevention
  • An MoU on regulatory and digital sectors
  • An MoU on current and future health risks
  • An MoU on medical products regulation (extension)
  • A bilateral agreement on inward foreign surface parcel

Modi’s visit was originally planned to span two days, but a deadly attack in the Jammu and Kashmir territories demanded the Indian Premier to return immediately, Reuters reported yesterday.

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