MBS in Delhito sign major investment deals

NEW DELHI: Saudi Crown Prince Mohammed bin Salman (MBS) touched down here late Tuesday after concluding his two-day visit to Pakistan on Monday.

The crown prince began his two-day visit with the aim of boosting bilateral trade and investment and strengthen a two-way cooperation in renewable energy, defence and security, including counter-terrorism.

Breaking protocol, Prime Minister Narendra Modi received the Saudi prince at the airport, signaling the significance that India attaches to its strategic relationship with the Kingdom.

According to Indian Ministry of External Affairs, India is set to raise the issue of Pakistan's alleged support of terror organisations during talks between Modi and the crown prince on Wednesday (today).

The two countries will also be looking at joint exercises between their navies, besides significantly ramping up overall defence cooperation.

Secretary for Economic Affairs in India's External Affairs Ministry T.S. Tirumurti told reporters that both sides were expected to sign five agreements in areas of investment, tourism, housing and information and broadcasting.

"We are confident that this visit will open a new chapter in India-Saudi bilateral relationship," he said.

"India has been identified as one of the eight strategic partners with whom Saudi Arabia intends to deepen partnership in areas of political, security, trade and investment and culture," said Mr Tirumurti.

"As part of this engagement, we are finalising the setting up of 'Strategic Partnership Council' between the two countries at the ministerial level. We are confident that this will give greater thrust to our strategic partnership and take forward our discussions in a focused and action-oriented manner."

According to the Ministry of External Affairs, Saudi Arabia had been providing India intelligence on a number of terror networks.

The two countries inked a pact on exchange of intelligence related to money laundering and terrorism during Prime Minister Modi's visit to Riyadh in 2016.

"The Kingdom has shown greater understanding of India's terrorism-related concerns and also agreed to work with India in countering this global menace," Mr Tirumurti said.

The crown prince will be accompanied by a high-level official team as well as a large business delegation.

Modi will host a lunch at the Hyderabad House on Wednesday in honour of the crown prince, who is also expected to meet with President Ram Nath Kovind.

The visit follows a meeting held between the two countries of 4th Joint Defence Cooperation Committee last month in Riyadh.

Both sides explored the possibility of elevating the defence engagement with joint production and exercises, particularly joint naval exercises, said Mr Tirumurti.

Saudi Arabia is India’s fourth largest trading partner.

The bilateral trade stood at $27.48 billion (Dh 100 billion) during the financial year 2017-18. The Kingdom supplies India about 20 per cent of its crude oil requirements, the second largest supplier after Iraq.

India, on average, imports about 25 million barrels a month from Saudi Arabia.

Recently, state-owned Saudi Aramco, in partnership with Abu Dhabi National Oil Company (Adnoc) entered a joint venture worth $44 billion with India’s Ratnagiri Refinery and Petrochemical Project Ltd.

As many as 2.7 million Indians live and work in Saudi Arabia, which makes the republic’s community the largest expatriate group in the country. More than 175,000 Indians undertake the Hajj pilgrimage every year.

Prince Mohammed is expected to end his trip with a visit to China scheduled to take place on Thursday and Friday.