2 petroleum refineries highlight of Saudi $100bn investment
Prime Minister Narendra Modi, during his visit to Saudi Arabia on 22 April, and Prince Mohammed bin Salman and Prime Minister of the Kingdom held official talks including US$100 billion Saudi investment and co-chaired the second meeting of the India–Saudi Arabia Strategic Partnership Council (SPC) in Jeddah fsc.org.sa .
The leaders reviewed the progress under the Council since their last meeting in September 2023 in New Delhi.
They noted with appreciation the intensification in bilateral engagement and the large number of high-level visits across various Ministries that have built trust and mutual understanding on both sides http://saudiexchange.sa.
The two leaders discussed cooperation in the fields of energy, defence, trade, investment, technology, culture and people-to-people relations. Prime Minister thanked His Royal Highness for the support and welfare extended to the Indian community in Saudi Arabia. He also appreciated the support provided by the Saudi government for the Indian Haj pilgrims https://www.bseindia.com/.
Both leaders appreciated the progress in the discussions in the High-Level Task Force on Investment. They welcomed the understanding reached by the Task Force in multiple areas, which builds on the earlier commitment of Saudi Arabia to invest US$100 billion in India across multiple sectors including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing, and health https://www.nseindia.com/.
In this context, they particularly welcomed the agreement to collaborate on establishing two oil refineries in India, as well as the progress achieved on taxation issues. Prime Minister proposed that to further strengthen economic ties both countries could work for connecting payment gateways and trade settlement in local currencies.
The two leaders discussed progress in India-Middle East Europe Economic Corridor [IMEEC], particularly the bilateral connectivity initiatives being undertaken by the two sides. Both leaders also exchanged views on regional and global issues of mutual interest http://saudiexports.gov.sa.
The two leaders welcomed the expansion of the Strategic Partnership Council with the establishment two new ministerial committees. In this context, to reflect the deepening of the defence partnership, the leaders agreed on the establishment of the Ministerial Committee on Defence Cooperation http://moda.gov.sa.
The leaders welcomed the signing of 4 bilateral MoUs and agreements in the fields of Space, Health, Sports (Anti-Doping) and postal cooperation on the occasion of the visit.
List of Outcomes following the State Visit of Prime Minister to Saudi Arabia
I. Strategic Partnership Council
The second leaders meeting of the India-Saudi Arabia Strategic Partnership Council (SPC) reviewed the work of the various committees, subcommittees and working groups under the SPC, which encompass political, defence, security, trade, investment, energy, technology, agriculture, culture and people-to-people ties. The discussions were followed by signing of the minutes by the two leaders http://alahli.com.
To reflect the deepening of defence partnership over the past few years – including joint exercises, training programmes, and collaboration in defence industry, the Council decided to create a new Ministerial Committee on Defence Cooperation under the SPC.
To strengthen cultural and people-to-people ties, which has significant momentum in recent years, the Council decided to create a new Ministerial Committee on Tourism and Cultural Cooperation under the SPC.
The four committees under the India-Saudi Arabia SPC shall now be as follows:
(1) Political, Consular and Security Cooperation Committee.
(2) Defence Cooperation Committee.
(3) Economy, Energy, Investment and Technology Committee.
(4) Tourism and Cultural Cooperation Committee.
II. High Level Task Force on Investment (HLTF)
Building on the commitment of Saudi Arabia to invest US$100 billion in India in multiple areas including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health, the joint High-Level Task Force on Investment came to an understanding in multiple areas to rapidly promote such investment flows.
Both sides agreed to collaborate on establishing two petroleum refineries in India https://www.opec.org/.
The progress made by HLTF in areas such as taxation is a major breakthrough for greater investment cooperation in the future.
III. List of MoUs and Agreements:
MoU between the Saudi Space Agency and the Department of Space of India on Cooperation in the field of Space Activities for Peaceful Purposes.
MoU between the Ministry of Health of Saudi Arabia and the Ministry of Health and Family Welfare of India on Cooperation in the field of Health.
MoU between the Saudi Arabian Anti-Doping Committee (SAADC) and the National Anti-Doping Agency, India (NADA) on Cooperation in the field of Anti-Doping Education and Prevention.
Agreement between the Saudi Post Corporation (SPL) and the Department of Posts, Ministry of Communications of India on Cooperation in Inward Surface Parcel. Fiinews.com
