Modi to talk energy, security and trade during Saudi Arabia visit
India, which imports most of its oil needs, is keen to take advantage of low crude prices
Riyadh: Indian Prime Minister Narendra Modi arrived on Saturday in Saudi Arabia where he will discuss energy, security, and trade cooperation.
India, which imports around 80 per cent of its oil needs, is keen to take advantage of low crude prices by signing overseas deals that will help secure supplies to meet its growing demand.
“Almost 20 per cent of our crude supplies come from Saudi Arabia,” Indian foreign ministry official Shri Mridul Kumar said ahead of the visit.
“We have to make sure that this supply continues. And this is one of the key agenda points that Prime Minister will be discussing with Saudi King Salman [Bin Abdul Aziz Al Saud],” he added.
The Saudi Press Agency reported Modi’s arrival but gave no immediate details on the visit.
Kumar said Modi was also expected to discuss means “to ensure the well being” of 2.96 million Indian expatriates in Saudi Arabia who send over $10 billion (Dh36.73 million) in remittances every year.
Modi will meet members of the Indian community and visit a workers’ residential complex on Saturday.
Security cooperation is also expected to be on the agenda of the talks, Kumar said, describing the visit as “very important”.
Saudi Arabia and the US Treasury this week announced joint sanctions on four individuals and two organisations with alleged links to Al Qaida, Taliban, and Lashkar-e-Taiba (LeT) — which India blames for the 2008 Mumbai attacks that killed 166 people.
Among those sanctioned was Saudi-based Mohammad Ijaz Safarash, who allegedly provided financial, material, or technological support for the Pakistan-based militant group LeT.
Modi will meet Saudi business leaders on Sunday to discuss bilateral investment.
“Saudi Arabia is our fourth largest trading partner” with exports to the kingdom exceeding $11 billion, said Kumar.
Modi’s right-wing nationalist Bharatiya Janata Party (BJP) swept to power in 2014 promising to revive India’s economy and create much-needed jobs.
Modi has bolstered ties with the six-nation Gulf Cooperation Council — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. He visited the UAE in August, the first such trip by an Indian premier in more than three decades.
Some eight million Indians live in GCC states and each year send home remittances of around $35 billion to $40 billion, said Kumar.
