India Strengthens Energy Cooperation with Saudi Arabia to Counter China's Belt and Road Initiative

India and Saudi Arabia have agreed to strengthen cooperation in the fields of energy, trade, and defense.

On the 11th (local time), Indian Prime Minister Narendra Modi held talks in New Delhi with Saudi Crown Prince and Prime Minister Mohammed bin Salman, who is on a state visit to India, and signed eight treaties reflecting this agreement. The two countries also signed about 50 memorandums of understanding (MOUs) to cooperate in areas such as fuel storage, renewable energy, and finance.

Crown Prince bin Salman stayed in New Delhi on the 11th for a one-day state visit after attending the Group of Twenty (G20) summit held in New Delhi for two days starting on the 9th.

During the talks, Prime Minister Modi said that the rapidly growing economic relationship between the two countries is important not only for the region but also for global stability, welfare, and prosperity.

He also warmly welcomed the signing of the 'India-Middle East-Europe Economic Corridor' (IMEC) MOU announced on the occasion of the G20 summit. IMEC aims to promote the transport of clean energy and trade along infrastructure such as railways and ports connecting India, the Middle East, and Europe. This MOU, which counters China’s Belt and Road Initiative (land and maritime Silk Road), includes participation from India, Saudi Arabia, the United States, and the European Union (EU).

Prime Minister Modi emphasized, "This economic corridor connects not only the two countries (India and Saudi Arabia) but also economic cooperation and digital networks between Asia, West Asia, and Europe."

Crown Prince bin Salman also stated that he highly values "the cooperation for building the future of our (two) countries."

They particularly agreed that all forms of terrorism are among the most serious threats to humanity as a whole and decided to strengthen cooperation in counter-terrorism. Given that Saudi Arabia maintains a 'brotherly' friendly relationship with Pakistan amid the territorial dispute between India and Pakistan, Saudi Arabia’s expression of this stance on terrorism holds significant meaning for India. In 2008, over 160 people, including foreigners, were killed in Mumbai, India, in attacks by a Pakistani terrorist group.

The two countries also agreed to form a task force (TF) to prepare an investment plan for the approximately $60 billion of the $100 billion (about 130 trillion won) Saudi Arabia promised to invest in India in 2019 but has yet to fulfill.

This content was produced with the assistance of AI translation services.