Prince Abdulaziz bin Salman, Saudi Arabia’s Energy Minister, said that Saudi Arabia has many plans for the energy sector in association with India and will reveal these plans soon.
The Minister made this statement as he spoke to ANI during the second day of the Saudi Media Forum, which started in Riyadh.
Four months ago, Prince Salman visited India and met with top Indian officials and said that the Kingdom is looking to strengthen its energy ties with India.
In October 2022, the energy minister visited New Delhi to meet with Piyush Goyal, Commerce and Industry Minister, Hardeep Singh, Petroleum Minister, and Raj Kumar Singh, Electricity Minister among other business leaders.
Talks are underway that the Gujarat coast of India could be linked up to the Middle East via deep-sea cables. This would create a renewable energy grid, as India and Saudi Arabia expand their energy ties.
In September, Saleh bin Eid Al-Hussaini, Saudi Arabia’s Ambassador to India, vowed that he would boost and strengthen relations between Riyadh as well as New Delhi during his term.
Al-Hussaini stated that this move would accelerate the growth of the mutually beneficial partnership between India & Saudi Arabia, and strengthen the friendly bonds between our people.
S Jaishankar, Indian External Affairs Minister, had stated in September that India and Saudi Arabia were important players in the emerging multipolar global order. There are many areas where both countries work together.
He also stated that India and Saudi Arabia were major economies and play an important part in shaping the global economic system.
The Minister stated that India and Saudi Arabia are significant economic partners. Trade was valued at $42.86 billion in the fiscal year (April 2021-March 2022).
India and Saudi Arabia have a significant trade relationship. New Delhi imports approximately 18%-22% of their crude oil and liquefied petroleum gases from the Kingdom.
For many decades, India and Saudi Arabia have had strong relations. Indians are the largest group of foreign workers in Saudi Arabia and also one of the biggest sources of inward money remittances to their country.
In the beginning, India’s trade relations with Saudi Arabia were primarily focused on energy. But, now both countries have expanded their ties to other areas, such as security, investment, food security, culture, and health.