India and Saudi Arabia to sign multiple key pacts to ramp up ties

During Prime Minister Narendra Modi's two-day visit to Saudi Arabia beginning Monday, India and 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 two countries are amongst various pacts that will be signed. Secretary (Ecomic Relations) in External Affairs Ministry T S Tirumurti said.

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PM Modi will brief Saudi leership about India's decisions on Kashmir

EAM Tirumurti stated while briefing reporters on nature of Prime Minister Modi's visit, that both sides will also deliberate on furr enhancing defence and security cooperation. He furr ded that  first naval exercise between two nations will take place by end of this year or early next year. When he was asked wher PM Modi will brief Saudi leership about India's decisions on Kashmir, EAM Tirumurti said Riyh h shown understanding about recent developments in Valley. Speaking about cross border terrorism, he said both India and Saudi Arabia have concerns over terrorism which were reflected in joint statement issued after Crown Prime Mohamm Bin Salman Al Saud's visit to India in February.

While in Riyh, prime minister will meet Saudi King Salman bin Abdulaziz Al Saud. PM Modi will also hold delegation-level talks with Crown Prince Mohamm bin Salman. Modi will also deliver an dress at third edition of Saudi Arabia's Future Investment Initiative, an annual investment forum. Saudi Prince will host a banquet dinner for PM Modi on October 29.

Tirumurti said two countries were also set to finalise and move ahe on 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, 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 Gulf country.

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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 prime minister's visit to 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. EAM secretary said both sides are also hoping to finalise Saudi Arabia's investment in India's national infrastructure investment fund. Ar key agreement both sides are eyeing to finalise is in area of migration and protecting interests of Indian workforce in country. EAM secretary furr said both sides will finalise a framework for aligning e-migration system of both countries. We hope to launch integration of our e-migrate system and Saudi system during prime minister's visit, he ded.

Saudi King Salman h agreed to raise Haj quota

Tirumurti furr said both sides are also expected to ink an MoU for cooperation in area of renewable energy, ding a separate pact will be signed to increase number of flights between two countries. Talking about people-to-people contacts, he said Saudi King Salman h agreed to raise Haj quota for India from 1,75,025 to 2 lakhs from current year and decision has alrey been implemented.

official also said that Saudi Arabia has alrey released nearly 450 Indian prisoners as agreed to during visit of Crown Prince to India in February. During his visit, both sides agreed to launch India-Saudi Arabia Strategic Partnership Council to coordinate decisions regarding strategically important issues. council will be heed by Prime Minister Modi and Crown Prince Salman and it will meet at an interval of two years.

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Saudi to become third gulf country to have RuPay card facility

Furrmore, in ar expansion of reach of RuPay card, Ministry of External Affairs (MEA) anunced 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 gulf nation where he will launch RuPay card. introduction of RuPay in Saudi Arabia is aimed at helping Indian pilgrims who will visit Mecca and Medina.

Saudi Arabia will become third gulf country to have RuPay card facility after UAE and Bahrain. In August, PM Modi launched RuPay card by swiped it to purchase ldoos at Emirates Palace. Incidentally, both Saudi Arabia and UAE have conferred highest civilian award to PM Modi. While Saudi Arabia conferred him with King Abdulaziz Sas in 2016, UAE houred him with ‘Order of Zayed’ in August this year.

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(INPUTS FROM PTI)