PM Modi likely to visit Saudi Arabia this month

Prime Minister Narendra Modi is likely to pay a two-day visit to Saudi Arabia in April to explore ways to shore up cooperation in areas of trade, investment, energy and defence, people familiar with the matter said on Tuesday. The two sides are also expected to deliberate on the regional security scenario as well as the proposed India-Middle East-Europe Economic Corridor (IMEC), they said.

The prime minister is likely to travel to Saudi Arabia in the third week of April in what would be his first visit to the influential Gulf nation after a gap of around four years.

In November last, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud visited India that saw both sides discussing avenues to strengthen their strategic partnership, especially in the areas of trade, investment, energy, defence, security and culture.

The overall ties between India and Saudi Arabia have been on an upswing in the last few years.

The Gulf nation has a 2.6 million-strong Indian community and it is considered a vital pillar of the relationship between the two countries.

Prime Minister Modi's visit to Riyadh in April 2016 was considered significant in opening a new chapter in India-Saudi Arabia ties.

The bilateral trade has grown steadily over the years. India is the second largest trade partner of Saudi Arabia while the Gulf nation is the fifth largest trading partner of New Delhi.

In 2023-24, bilateral trade stood at USD 42.98 billion, with Indian exports at USD 11.56 billion and imports at USD 31.42 billion.

Indian investments in Saudi Arabia have also increased in recent years, reaching a cumulative figure of approximately USD 3 billion in August 2023.

These investments are across diverse sectors such as management and consultancy services, construction projects, telecommunications, IT, financial services, software development, pharmaceuticals, etc.

Major Indian companies and corporate groups such as L&T, TATA Motors, Wipro, TCS, Shapoorji & Pallonji, Tech Mahindra, Vedanta and Essar have established a strong presence in Saudi Arabia.

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud visited India in September 2023 to attend the G20 summit.

On the sidelines of the summit, leaders of India, EU, France, Germany, Italy, Saudi Arabia, the UAE and the US announced an MoU committing to work together to develop a new India-Middle East-Europe Economic Corridor.