Published 04:26 IST, October 25th 2019
India and Saudi Arabia to sign multiple key pacts to ramp up ties
India and Saudi Arabia to sign a raft of key pacts to significantly ramp up ties in several key sectors including oil and gas, during PM Modi's visit to Riyadh
- India News
- 5 min read
During Prime Minister Narendra Modi's two-day visit to Saudi Arabia beginning Monday, India and the Gulf Nation will sign a raft of key pacts to significantly ramp up ties in several key sectors including oil and gas, renewable energy and civil aviation. 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 are amongst the various pacts that will be signed. Secretary (Economic Relations) in the External Affairs Ministry T S Tirumurti said.
PM Modi will brief the Saudi leadership about India's decisions on Kashmir
EAM Tirumurti stated while briefing reporters on the nature of Prime Minister Modi's visit, that both sides will also deliberate on further enhancing defence and security cooperation. He further added that the first naval exercise between the two nations will take place by the end of this year or early next year. When he was asked whether PM Modi will brief the Saudi leadership about India's decisions on Kashmir, EAM Tirumurti said Riyadh had shown understanding about recent developments in the Valley. Speaking about cross border terrorism, he said both India and Saudi Arabia have concerns over terrorism which were reflected in the joint statement issued after Crown Prime Mohammad Bin Salman Al Saud's visit to India in February.
While in Riyadh, the prime minister will meet Saudi King Salman bin Abdulaziz Al Saud. PM Modi will also hold delegation-level talks with Crown Prince Mohammad bin Salman. 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 PM Modi on October 29.
Tirumurti said the two countries were also set to finalise and 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. To expand energy ties, the 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.
Saudi Arabia is a key pillar of India's energy security
Tirumurti said India has invited Saudi Arabia to participate in India's s strategic petroleum reserves and that New Delhi hopes to finalise an MoU for it during the prime minister's visit to the country. Saudi Arabia is a key pillar of India's energy security, being a source of 17 per cent or more of crude oil and 32 per cent of LPG requirements of India. The EAM secretary said both sides are also hoping to finalise Saudi Arabia's investment in India's national infrastructure investment fund. Another key agreement both sides are eyeing to finalise is in the area of migration and protecting interests of the Indian workforce in the country. The EAM secretary further said both sides will finalise a framework for aligning e-migration system of both the countries. We hope to launch the integration of our e-migrate system and the Saudi system during the prime minister's visit, he added.
Saudi King Salman had agreed to raise the Haj quota
Tirumurti further said both sides are also expected to ink an MoU for cooperation in the area of renewable energy, adding a separate pact will be signed to increase the number of flights between the two countries. Talking about people-to-people contacts, he said the Saudi King Salman had agreed to raise the Haj quota for India from 1,75,025 to 2 lakhs from the current year and the decision has already been implemented.
The official also said that Saudi Arabia has already released nearly 450 Indian prisoners as agreed to during the visit of the Crown Prince to India in February. During his visit, both sides agreed to launch the India-Saudi Arabia Strategic Partnership Council to coordinate decisions regarding strategically important issues. The council will be headed by Prime Minister Modi and Crown Prince Salman and it will meet at an interval of two years.
Saudi to become the third gulf country to have RuPay card facility
Furthermore, in another expansion of the reach of RuPay card, the Ministry of External Affairs (MEA) announced its launch in Saudi Arabia, which will take place during Prime Minister Narendra Modi’s upcoming visit. PM Modi during his two-day visit to the gulf nation where he will launch the RuPay card. The introduction of RuPay in Saudi Arabia is aimed at helping the Indian pilgrims who will visit Mecca and Medina.
Saudi Arabia will become the third gulf country to have RuPay card facility after the UAE and Bahrain. In August, PM Modi launched the RuPay card by swiped it to purchase laddoos at the Emirates Palace. Incidentally, both Saudi Arabia and the UAE have conferred the highest civilian award to PM Modi. While Saudi Arabia conferred him with the King Abdulaziz Sas in 2016, the UAE honoured him with ‘Order of Zayed’ in August this year.
(INPUTS FROM PTI)
Updated 07:55 IST, October 25th 2019
