Saudi Crown Prince May Visit India In November; Talks To Focus On Trade, Investments : US Pioneer Global VC DubaiHQ Riyadh UAE – Singapore Norway Swiss Our Mind

The newly appointed Prime Minister of the Kingdom and Saudi crown prince Mohammed bin Salman is likely to visit India on a one-day visit on November 14

The newly appointed Prime Minister of the Kingdom and Saudi crown prince Mohammed bin Salman are likely to visit India on a one-day visit on November 14 and trade, investments are likely to top the agenda of the talks in New Delhi, between the leadership of both countries, said a source.

It’s important to note Saudi PM’s visit comes on the back of Saudi Energy Minister Prince Abdulaziz Bin Salman’s recent visit to India.

As per the itinerary of the newly appointed Prime Minister, which is still evolving, he is slated to meet his Indian counterpart Prime Minister Narendra Modi, External Affairs Minister S Jaishankar, National Security Advisor (NSA) Ajit Doval, before leaving for Bali, Indonesia for the G20Leader’s Summit.

Trade, investments, likely to top the agenda

The two countries will explore avenues to enhance bilateral trade and investment, which will be the focus of the meeting between the leadership of both countries, said the source. In fiscal 2022-23, the India – Saudi Arabia trade stands at US$ 43 billion. The source informed when Saudi is already a big market for Indian footwear and textiles, India is looking to export more to the kingdom.

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Along similar lines, Saudi Arabia is also looking to expand its base in the Indian petrochemical sector. The other issues, which are likely to be added in the bilateral negotiations include – the formation of mutual halal certification agencies to stop misuse; the Saudi Arabi – India undersea power transmission line is also progressing; to provide an institutional framework to the Rupee-Riyal trade, introduction of UPI and Rupay cards is also being discussed.

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Relief in oil exports to India

New Delhi will be hoping for some concession from Saudi Arabia in terms of exporting oil to the country, in light of the rising oil prices and overall inflation in the aftermath of the Russia – Ukraine conflict. Notably, Saudi-led OPEC is already under fire for reducing the oil output amid global inflationary conditions. The United States termed it to be a political move and experts said the move by OPEC will further lead to rising inflation globally.

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Significantly EAM S Jaishankar visited Saudi Arabia in September to discuss cooperation in the political, security and socio-cultural pillars of strategic partnership. Saudi Arabia’s energy minister Prince Abdulaziz Bin Salman also visited India recently.

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