Prime Minister Narendra Modi informed the crown prince and prime minister of Saudi Arabia, Mohammed bin Salman, who was in town, that the partnership between the two fastest-growing economies was crucial for stability in the region and the world, as well as for the welfare and prosperity of people.
After participating in the G20 summit, the Saudi leader had stayed back for a state visit that saw focus on deepening cooperation in energy, trade, defence and security. The Saudi government had pledged investments worth $100 million into India in 2019, of which half is intended for a future refinery in Maharashtra that is supported by Saudi oil firm Aramco. The two sides inked eight agreements and also announced the creation of a task force to channel those investments into India.
As PM Modi and MbS chaired the first leaders’ meeting of the Strategic Partnership Council, which was instituted during his visit to Riyadh in 2019, Modi said the “historic” India-West Asia-Europe economic corridor announced on the margins of the G20 summit would enhance economic and energy cooperation and also improve digital connectivity.
The project would have railroads going to India, according to MEA secretary for foreign Indian relations Ausaf Sayeed, however it is unclear how the effort, which is being promoted as a counter to China's BRI, will be funded. MbS supported the idea and stated that it would require everyone's participation and hard work. “Today, we are working on future opportunities. I congratulate you on the management of the G20 summit and the objectives achieved, including the economic corridor linking the Middle East, India and Europe, which requires that we work diligently to make it a reality,” he said.