SPC Agreement with Saudi Arabia would strengthen robust bilateral relations : PM Modi

Speed Post News Network

New Delhi : The signing of the agreement on the Strategic Partnership Council (SPC) by India and Saudi Arabia would strengthen the already robust relations between the two countries, Prime Minister Narendra Modi said. The Prime Minister, who is visiting the Kingdom of Saudi Arabia, was speaking to the Arab News. This is second visit of PM Modi to the Kingdom in three years.

PM Modi said the two countries have been working together within the G20 to reduce inequality and promote sustainable development. Stating that stable oil prices are crucial for the growth of the global economy, he praised the Kingdom’s role as an important and reliable source of India’s energy requirements.

Talking about the excellent personal relations between him and the Crown Prince of Saudi Arabia Mohammad Bin Salman, the Prime Minister said, “Since my first visit to the Kingdom in 2016, I have personally witnessed a remarkable growth in our bilateral relations. I have met His Royal Highness (HRH) Crown Prince Mohammed bin Salman five times. I recall with warmth my previous meetings with him, and look forward to meeting him again during this visit. I am confident that under the leadership of His Majesty King Salman and HRH Crown Prince Mohammed bin Salman, bilateral relations between India and Saudi Arabia will only grow stronger.”

The Prime Minister said, “Neighbourhood First” continues to be the guiding vision for my government’s foreign policy. India’s relations with Saudi Arabia are one of the most important bilateral relationships in our extended neighbourhood.”

“I believe that Asian powers like India and Saudi Arabia share similar security concerns in their neighbourhood. In that respect, I am happy that our cooperation, particularly in the field of counter terrorism, security and strategic issues, is progressing very well. My national security adviser just visited Riyadh for a very productive visit,” PM Modi said, according to a PIB release.

He said that India and Saudi Arabia have a Joint Committee on Defence Cooperation that holds regular meetings and that the two nations have identified a number of areas of mutual interest and cooperation in the field of defence and security.

On the question of turmoil in several regions of West Asia, the Prime Minister called for ‘a balanced approach to resolve the conflicts while respecting the principles of sovereignty and non-interference in each other’s internal matters’. He said, “India shares excellent bilateral relations with all the countries in the region, and a very large Indian diaspora numbering over 8 million, resides in the region. A dialogue process that encourages the participation of all stakeholders is important to bring peace and security to this very important region.”

On his outlook on the current global economy, PM Modi said, “The global economic outlook is strongly dependent on the path chartered by the large developing countries such as India. As I mentioned in my speech at the UN General Assembly in September, we sincerely believe that we need collective efforts, for the growth of all, with everyone’s trust.”

He said, “Economic uncertainty is an offshoot of unbalanced multilateral trade systems. Within the G20, India and Saudi Arabia have been working together to reduce inequality and promote sustainable development. I am happy to note that Saudi Arabia will be hosting the G20 Summit next year and India will host it in 2022, which is also the 75th anniversary of our independence.”

On the question of the current sluggishness in the Western Economies and the role of India and Saudi Arabia in such a scenario, the Prime Minister said, “India has undertaken many reforms to create a business-friendly environment, and to ensure that we remain a major driver of global growth and stability. Our reforms for ease of doing business and introducing investor-friendly initiatives have contributed to improving our position in the World Bank’s Ease of Doing Business Index from 142 in 2014 to 63 in 2019.”

“A number of major flagship initiatives, like Make in India, Digital India, Skill India, Swachh Bharat, Smart Cities and Startup India, are offering a lot of opportunities to foreign investors. Similarly, I am happy to note that Saudi Arabia too has embarked on a reform programme as part of their Vision 2030.”

On the long term energy relation with Saudi Arabia, which is the largest Oil supplier to India, he said, “India imports around 18 percent of its crude oil from the Kingdom, making it the second-largest source of crude oil for us. From a purely buyer-seller relationship, we are now moving toward a closer strategic partnership that will include Saudi investments in downstream oil and gas projects.”

On the question whether India would like Saudi Arabia’s participation in the massive Smart City projects announced by the Government, Prime Minister Modi said, “One of the major areas of cooperation between India and Saudi Arabia is in investments in our infrastructure projects. During his visit to India in February 2019, the crown prince had indicated an intent to invest in excess of $100 billion in India across various sectors.”