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Saudi PM’s India Visit To Focus On Trade, Investments

By LokMarg 25th October 2022

Saudi Crown Prince and newly appointed Prime Minister of the Kingdom, Mohammed bin Salman is expected to be in New Delhi for a short one-day visit on November 14.

In Delhi, the Saudi Crown Prince will meet with Prime Minister Narendra Modi, External Affairs Minister S Jaishankar, and National Security Advisor (NSA) Ajit Doval, before heading to Bali, Indonesia for G20 Leader’s Summit.
The program is still evolving and there is no formal announcement of the visit yet.

Trade and investment will be the key areas of focus during talks between India-Saudi leadership in New Delhi, according to a source.

Trade between the two countries stands at nearly USD 43 billion this fiscal year. Source told ANI that India is looking for more exports to the kingdom, Saudi is already a big market for Indian footwear and textiles.

Meanwhile, Saudi Arabia is also hoping to expand its base into India’s petrochemical sector.

Talks on the formation of mutual halal certification agencies to stop misuse and undersea power transmission line from Saudi to India are also progressing. Deliberation is also taking place on institutionalizing the Rupee-Riyal trade, the introduction of UPI and Rupay cards.

The Russia-Ukraine conflict has led to a massive jump in global inflation led by spiraling oil prices. Saudi is a major oil exporter to India and New Delhi will be hoping for some relief in this aspect.

Saudi-led OPEC is already under fire for cutting oil production from November onwards. The United States says it is a political move and many experts say that this will lead to a further increase in global inflation.

Saudi Energy Minister Prince Abdulaziz Bin Salman recently visited India.

Meanwhile, Minister Jaishankar visited Riyadh in September and discussed cooperation in the political, security, and socio-cultural pillars of strategic partnership. (ANI)