India-Saudi collaboration holds promise of shared growth, prosperity: EAM Jaishankar

Underlining the importance of the strategic relationship between India and Saudi Arabia, External Affairs Minister S Jaishankar said on Sunday that the collaboration holds the promise of shared growth, prosperity, stability, security and development.

Jaishankar, who arrived here on Saturday on a three-day visit to Saudi Arabia to discuss ways to further strengthen relations between the two countries, addressed diplomats at the Prince Saud Al Faisal Institute of Diplomatic Studies in Riyadh this morning.

”Addressed diplomats at the Prince Saud Al Faisal Institute of Diplomatic Studies in Riyadh this morning. Underlined the importance of India-Saudi Strategic Relationship at a time when the world is at crossroads,” he said in a tweet.

”Our collaboration holds promise of shared growth, prosperity, stability, security and development,” he added in another tweet.

It is Jaishankar’s first visit to Saudi Arabia as the External Affairs Minister. During the visit, Jaishankar will co-chair with his Saudi Arabian counterpart Prince Faisal bin Farhan Al Saud the first ministerial meeting of the Committee on Political, Security, Social and Cultural Cooperation (PSSC), established under the framework of the India-Saudi Arabia Strategic Partnership Council.

India and Saudi Arabia enjoy cordial and friendly relations reflecting the centuries-old economic and socio-cultural ties. Saudi Arabia is India’s fourth-largest trading partner.

More than 18 per cent of India’s crude oil imports are sourced from Saudi Arabia. During FY22 (April -December), bilateral trade was valued at USD 29.28 billion. During this period, India’s imports from Saudi Arabia were valued at USD 22.65 billion and exports to Saudi Arabia were worth USD 6.63 billion.

The approximately 2.2-million-strong Indian community is the largest expatriate community in the Kingdom, according to the Indian embassy in Riyadh.

The top leadership of both countries remained in close touch even during the Covid-19 pandemic, the External Affairs Ministry said in a statement.