The two countries signed eight agreements encompassing renewable and non-renewable energy, digitization, electronic manufacturing, banking, and investment. Moreover, private Indian and Saudi companies inked numerous Memoranda of Understanding (MoUs) in IT, agriculture, health, and energy sectors, indicating substantial growth in bilateral trade and investment.
During the G20 Summit, a groundbreaking development occurred as India, the United States, Saudi Arabia, the UAE, Italy, France, Germany, and the European Union announced the formation of the India-Middle East-Europe Economic Corridor (IMEC).
IMEC is a strategic response to the Chinese Belt and Road Initiative (BRI). While Saudi Arabia and the UAE are BRI partners, they also recognize the potential of IMEC and the need to diversify their connectivity options. Their approach to China differs from that of India and the USA, emphasizing cooperation with both initiatives.
The relationship between India and Saudi Arabia has strengthened in recent years, with growing bilateral trade, defence and security cooperation, and joint efforts against terrorism and piracy. Prime Minister Neighborhood First First Think West’s policies have contributed to this deepening partnership.
Cooperation during the COVID-19 pandemic further cemented ties, with Saudi Arabia aiding India’s healthcare efforts. The evacuation of Indian nationals from conflict zones, such as Yemen and Sudan, showcased Saudi Arabia’s support and cooperation.
The alignment of interests on climate change, green energy, and multilateral institution reform underscores the common ground between India and Saudi Arabia. As Saudi Arabia looks to develop green energy and combat climate change, its initiatives like the Middle East Green Initiative and Saudi Green Initiative align with India’s goals.
In summary, the India-Saudi Arabia relationship has evolved into a robust strategic partnership, encompassing diverse sectors and global challenges. The establishment of IMEC reflects a shared vision for economic integration, connectivity, and sustainable development, offering tremendous potential for future collaboration.
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