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.