Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman co-chaired the second meeting of the Strategic Partnership Council (SPC) in Jeddah. Key agreements were reached on investment, energy, and defence cooperation. PM Modi proposed linking payment systems and expanding bilateral trade.
SHABD, Jeddah, April 23: In a major step towards deepening bilateral ties, Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman jointly chaired the second meeting of the India-Saudi Strategic Partnership Council (SPC) in Jeddah on Tuesday. The meeting underscored the commitment of both nations to enhance cooperation across multiple sectors. Key areas of discussion included energy, defence, trade, investment, technology, cultural collaboration, and public engagement. The two leaders acknowledged the rapid progress and growing trust in bilateral relations since the last meeting in New Delhi in September 2023. A significant point of discussion was Saudi Arabia’s commitment to invest $100 billion in India.
The investment will primarily focus on energy, petrochemicals, healthcare, digital infrastructure, and technology. Both countries agreed to establish two new oil refineries in India as part of this plan. Talks also progressed on tax-related issues, aiming for smoother bilateral frameworks.
PM Modi proposed enhancing trade facilitation by enabling transactions in local currencies and integrating digital payment gateways between the two nations — a move seen as a strong push toward strengthening economic ties. The leaders also reviewed the progress of the India-Middle East-Europe Economic Corridor (IMEEC), including bilateral connectivity projects linked to the corridor.
Discussions extended to regional and global matters of mutual interest. During this historic visit, India and Saudi Arabia signed four bilateral agreements in the fields of space, health, anti-doping in sports, and postal services. PM Modi invited Crown Prince Mohammed bin Salman to attend the third SPC meeting in India. Both sides expressed confidence that India-Saudi relations will continue to flourish in the coming years.
