India – Saudi relationship

Why in news?

SAUDI’s Crown Prince Mohammed bin Salman visited New Delhi, India.

Importance of Saudi Arabia for India:

Economic Importance:
  • The kingdom is India’s fourth largest trading partner, and India is the fourth largest market for Saudi exports. Bilateral trade is in the region of $28 billion, Saudi Arabia is the key pillar of India’s energy security, being a source of 17% or more of crude oil and 32% of LPG requirements of India.
  • That the two countries are moving beyond the traditional buyer-seller relationship is best exemplified by the joint venture for the $44 billion worth Ratnagiri refinery and petrochemical project. The Saudi Arabian oil major Armaco and a partner UAE company had decided to invest half in a planned $ 44 bn in a refinery-cum-petrochemical project in Ratnagiri, Maharashtra.
  • The 2.7 million strong Indian community is the largest expatriate group in Saudi Arabia. They send remittances of over US $11 billion annually. This expatriate group act as an agent of ‘soft power diplomacy’.
Strategic and Defence Importance:
  • The increased focus on security and counterterrorism cooperation points to a maturing relationship that has moved away from a mere energy partnership.
  • The two countries have defence, security and counter-terror cooperation. In 2016, an MoU on cooperation in the exchange of intelligence related to money laundering and terrorism financing was signed.
  • The two sides are exploring the possibility of Joint Exercises, in particular Joint Naval exercises.
  • The Delhi Declaration signed in 2006 aimed to strengthen ties in areas of energy, trade, science and technology, education, health, and political cooperation on regional and international issues.
  • The 2010 Riyadh Declaration furthered on this agreement and focuses on enhancing cooperation on counterterrorism, money laundering, narcotics, arms and human trafficking, and defence and economic cooperation. The Riyadh Declaration had forged a Strategic Partnership between India and Saudi Arabia.
  • Piracy in the Gulf of Aden and surrounding regions remains a threat to Sea Lines of Communication. Deepening the Indian Navy’s cooperation with its Saudi counterpart will contribute significantly to the fight against piracy.
Location: Thiruvananthapuram, Kerala, India

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