PM Modi’s Visit to Saudi Arabia, 2019

  Jun 29, 2020

PM Modi’s Visit to Saudi Arabia, 2019

PM Modi embarks on two-day visit to Saudi Arabia (October 2019): 

How are the relations with Saudi Arabia shaping in recent times?

What is the Strategic Partnership Council that India and Saudi Arabia Set up?

MoUs signed between India and Saudi Arabia: 

  1. An MoU was also signed to roll out RuPay card in the Kingdom making Saudi Arabia the third country in the Persian Gulf after the UAE and Bahrain to introduce India’s digital payment system
  2. The two sides also vowed to further enhance defence industries collaboration and security cooperation. The first naval exercise between the two nations will take place by end of this year or early next year. 
  3. The two countries also decided to move ahead on the ambitious west coast refinery project in Raigarh in Maharastra which will involve investments from Saudi oil giant Aramco, UAE’s Abu Dhabi National Oil Company and Indian public sector oil firms. 
  4. 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 was also signed, expanding energy ties between the two countries. 
  5. Pragmatism is dictating Saudi posturing as the very future of the Saudi economic model is at stake. It needs new partners like India. 
  6. It is not without significance that within a week of India’s move, one of the biggest ever foreign investments in the country was announced by New Delhi.