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Substances Across the Arabian Sea
Even though the South-West region of Asia has been in constant turmoil in recent times, the relations between India and Saudi Arabia have certainly improved and are expected to grow further. The recent bilateral meeting between the heads of the two states in Riyadh goes on to show that both countries understand the significance and potential of their partnership.
Although the bilateral trade between the two countries still remains restricted, mainly due to the decrease in prices of crude oil, Saudi Arabia's Vision 2030 has certainly given a reason to be optimistic about the future.
Vision 2030 has included India as one of the eight strategic partners of Saudi Arabia. Moreover, Saudi Aramco is to acquire about one-fifth of the Reliance refinery in Jamnagar and is to be one of the two strategic partners in the PSU refinery at Raigarh.
These investments can total up to $30 billion, taking the kingdom to the fourth position among countries investing in India. A bilateral Strategic Partnership Council (SPC) is proposed to be set up, which is a significant development and will help to facilitate decision making for the next stage of bilateral cooperation.
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