India... Strategic Partnership
The Asian tour by Crown Prince Mohammad bin Salman bin Abdulaziz, which includes Pakistan, India and China, opens new horizons in bilateral relations, especially economic and political. The tour strengthens ties between the Kingdom and these countries and raises the level of bilateral strategic partnership with each country to a stronger level, in the light of Kingdom's ambitious Vision 2030.
India is the second leg of His Highness's tour, and the relationship between the two countries is deeply rooted in history. It goes back to hundreds of years, since the days of the ancient Arab trade. Indian Muslims come every year for Hajj and Umrah, as India is the second largest home of Islam in the world. The Saudi-Indian relations are special, deep and varied. India has become one of the Kingdom's key trading partners. Within ten years, trade exchange between the two countries has reached SR 1.076 trillion. The Kingdom is keen to develop the economic partnership with India whose economy is ranked the fourth in terms of purchasing power parity, and it is the seventh largest economy in the world, and the two countries are active members at the G20.
India is one of the most energy-hungry emerging countries. It is the third largest importer of oil in the world, importing an average of 25 million barrels of oil per month from the Kingdom. Aramco, as previously announced, attaches great importance to the Indian market, not only as an oil consumer importing oil, but also as an investment priority for the future businesses of Aramco or SABIC. India is a global growth center and is witnessing an increase in energy demand, being the second largest country in the world in terms of population and has the human capital and expertise necessary to help the success of joint projects, especially that the Kingdom seeks investment with it in downstream activities, strategic oil stores and consumer-related areas such as fuel, petrochemical plants, and refined products.
One of the Saudi-Indian relationship's pillars is the human element. Around three million Indians live in the Kingdom, representing one of the largest Indian communities abroad. The Kingdom's economic and investment progress is one of the investment opportunities to increase joint ventures.
Meetings and agreements that took place will bring about a comprehensive shift in the strategic partnership, supported by the two countries' continuing desire to develop and strengthen joint cooperation in all areas.