India-Saudi strategic cooperation guarantees stability and development

Riyadh: Indian External Affairs Minister S Jaishankar asserted that strategic cooperation between India and Saudi Arabia is a matter that guarantees mutual expansion, prosperity, stability, security and development. Jaishankar is on a three-day visit to Saudi Arabia. During this visit, the Indian Foreign Minister signed a memorandum of understanding with the ‘Gulf Cooperation Council-GCC’, the organisation of six major countries in the Gulf region. It is said to include a plan to enhance bilateral cooperation.

Moreover, External Affairs Minister S. Jaishankar’s lecture was held at the Prince Saud Al Faisal Institute of Diplomatic Studies in Riyadh, the capital of Saudi Arabia. While speaking on this occasion, Jaishankar highlighted the importance of cooperation between the two countries by stating that the strategic cooperation between India and Saudi Arabia has become essential when the whole world is standing at a crucial juncture. At the same time, Minister S. Jaishankar pointed out that even against the background of the problems created due to the war in Ukraine, the Indian economy is progressing at the fastest pace.

Furthermore, External Affairs Minister S. Jaishankar expressed confidence that India will progress at a growth rate of at least 7% in the next financial year, despite all these challenges. Jaishankar emphasised that the Government of India is making special efforts for this. Meanwhile, during the visit of External Affairs Minister Jaishankar to Saudi Arabia, important MoUs have been signed between India and the GCC. GCC comprises six countries: Saudi Arabia, United Arab Emirates (UAE), Bahrain, Kuwait, Oman and Qatar. These are the major oil exporting countries in the Middle East. India is importing fuel from these countries. But the number of Indians working in the Middle East is 6.5 million. The majority of these Indians are working in the six member countries of the GCC.

This makes cooperation with GCC becomes a significant factor in support of the Indian economy. In the financial year 2020-21, exports from India to GCC countries were about $28 billion. During the same period, India’s trade with GCC countries went up to $87.36 billion. It is likely to increase in the coming times. Especially at a time of this great upheaval at the global level, Indian cooperation with Saudi Arabia and other Middle East regions has become noteworthy.