Why is it in the news?

Recently, Prince Mohammed visited New Delhi for the G20 Leaders’ Summit.

Historical ties

• Diplomatic relations since 1947.
• Key moments include the Delhi Declaration (2006), Riyadh Declaration (2010), and Crown Prince Mohammed’s visit in 2019.

Four pillars of the relationship

1) Economic Ties:

• Bilateral trade valued at $52.76 billion in FY22-23.
• Significant Indian corporate presence in Saudi Arabia.
• Saudi investments in Indian startups and major projects like West Coast Refinery.
• Over 2.4 million Indians contributing to Saudi development.
  • A bridge between the two countries.

2) Energy Cooperation:

• Saudi Arabia crucial for India’s energy security.
• Third-largest source of crude and petroleum products for India.

3) Defense Partnership:

• Extensive naval cooperation and bilateral naval exercises.
  • AL – Mohed AL – Hindi is the bilateral naval exercise between India and Saudi Arabia. 
• Collaboration in defense industries and capacity-building.

4) Security cooperation:

• Emphasis on combating terrorism and its financing.
• Rejecting terrorism for any reason and urging all states to dismantle terrorism infrastructure.
• Commitment to Afghanistan’s security, stability, and inclusive government.