EAM Jaishankar has described Saudi Arabia as an important force for stability in the region
While trade and investment continue to be key drivers of the India-Saudi Arabia partnership, the two sides are now keen to collaborate in new areas to take it to a new level over the next few years.

External Affairs Minister S Jaishankar revealed the broad contours of what the two sides will be focusing on, in addition to the existing priority sectors, in his opening remarks during a meeting with Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al in New Delhi on Wednesday (November 13, 2024).

“Saudi’s Vision 2030 and Viksit Bharat 2047 hold complementarities for our industries to build new partnerships. I am glad to note that our businesses are collaborating intensively. Trade and investment are important pillars of our partnership, and we are strengthening our collaboration in new areas including technology, energy, renewable energy including green hydrogen, connectivity, health and education,” he said.

To put the current partnership in context, India is the second largest trade partner of Saudi Arabia whereas Saudi Arabia is the fourth largest trading partner of India. During FY23 bilateral trade was valued at USD 52.76 billion. Saudi direct investments in India amounted to USD 3.15 billion as of March 2022; additionally, the country’s Public Investment Fund (PIF) has also invested approximately USD 4.6 billion in many Indian Start-ups through the Soft Bank’s ‘Vision Fund’.

At the same time, EAM Jaishankar, who also hosted the 2nd Meeting of the Committee on Political, Security, Social and Cultural Cooperation (PSSC) under the India-Saudi Arabia Strategic Partnership Council (SPC), highlighted the growing defence ties between the two countries. 

“Our defence partnership has witnessed several "firsts” over the past few years – including the first ever Land Forces joint exercise 2024; and two editions of our joint Naval exercises. We had regular exchanges on training and capacity building. And our cooperation has now expanded in the field of defence industry & exports as well,” he pointed out. Bilateral security cooperation had also grown steadily, he added, referring to collaboration in counter-terrorism, combating extremism, terror financing, and drug trafficking.

According to a press release issued by the Ministry Of External Affairs (MEA), during their meeting, the two ministers discussed avenues to strengthen the Strategic Partnership between India and Saudi Arabia in the areas including trade, investment, energy, defence, security, culture and consular matters. 

They also exchanged views on regional and international issues of mutual interest. EAM Jaishankar expressed deep concern over the situation in West Asia, particularly Gaza, even as he described Saudi Arabia as an important force for stability in the region. He also utilised the opportunity to reiterate India’s stand in this regard.

“Saudi Arabia, we recognize, is an important force for stability in the region. The situation in West Asia is a matter of deep concern, particularly the conflict in Gaza,” he said, adding that India’s position in this regard had been principled and consistent. “While we condemn acts of terrorism and hostage taking, we are deeply pained by the continuing death of innocent civilians. Any response must take into account the international humanitarian law. We support an early ceasefire,” he stated.

EAM Jaishankar pointed out that India had consistently stood for resolution of the Palestinian issue through a two-State solution and had also contributed to the building of Palestinian institutions and capacities.

According to the MEA, during the second ministerial meeting of the Political, Security, Social and Cultural Committee (PSSC) of the India-Saudi Arabia Strategic Partnership Council (SPC), the two sides reviewed the progress in the bilateral relationship since the State Visit of Crown Prince and Prime Minister of Saudi Arabia Prince Mohammed bin Salman bin Abdulaziz Al Saud to India in September 2023. The 1st Leaders’ Meeting of the India-Saudi Arabia Strategic Partnership Council, established in 2019, was held in New Delhi during this visit.