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According to Jaishankar, relations between India and Saudi Arabia offer opportunities for shared development, security, and stability.

Saudi Arabia offer opportunities | According to the External Affairs Minister, India would have the fastest expanding economy this year with a growth rate of 7%.

The collaboration carries the “potential of shared progress, prosperity, stability, security, and development,” said external affairs minister S Jaishankar on Sunday, underscoring the significance of India and Saudi Arabia’s strategic economic connections.

Jaishankar, the external affairs minister, arrived in Riyadh on Saturday and is currently in Saudi Arabia for three days.

During his Sunday speech to diplomats at the Prince Saud Al Faisal Institute of Diplomatic Studies in Riyadh, he “underlined the importance of India-Saudi strategic cooperation at a time when the world is at a crossroads.”

Jaishankar praised the relationships between the two nations and noted that Saudi Arabia was “extremely helpful” during the Covid-19 outbreak during a meeting with the Indian community on Saturday.

“We witnessed the benefits of our foreign friendships at that time… Saudi Arabia offered oxygen supply and was very helpful. The country was tested during the first two years of Covid, but we prevailed, he remarked.

He claimed that the world is currently dealing with a number of difficulties, including increased food, oil, and shipping prices as a result of the Ukraine issue. “However, we remain highly optimistic that India will have the world’s fastest expanding major economy this year.

We’ll see growth of at least 7%, he said.
India needs investment from the Gulf nations, particularly Saudi Arabia, to fuel its economic revival. The government is actively attempting to strengthen the ties after the diplomatic outcry over the comments made about the Prophet earlier this year.

He claimed it was worthwhile to research India’s economic resurgence following Covid. He remarked, in reference to the fact that many nations made large financial outlays during the Covid time, “I would say, like a knee-jerk…they were in a hurry to respond to the crisis scenario. Therefore, they did not always use their money and resources wisely.

India needs the Gulf nations, particularly Saudi Arabia, to invest in the nation and fuel its economic revival. The government is actively working to improve relations after the diplomatic fallout over the remarks made about the Prophet earlier this year.

He asserted that it would be worthwhile to research India’s economic revival following Covid. He stated, “I would say, like a knee-jerk…they were in a haste to respond to the crisis scenario. I would say that many countries spent a lot of money during the Covid period. Thus, they did not alwaysmanage their money and resources well.

Saudi Arabia offer opportunities

India’s fourth-largest trading partner is Saudi Arabia. Saudi Arabia supplies more than 18% of India’s imports of crude oil. The value of bilateral trade during FY22 (April–December) was $29.28 billion. India’s imports from Saudi Arabia during this time were worth $22.65 billion, while exports to Saudi Arabia were worth $6.63 billion.

According to the Indian embassy, Saudi Arabia’s largest expat population is the country’s 2.2 million-strong Indian population.

Jaishankar also met with Nayef Falah Mubarak Al-Hajraf, the secretary-general of the Gulf Cooperation Council (GCC), in Riyadh. The two leaders signed a memorandum of understanding about the process of consultations between India and the six-nation regional bloc.

Over 18% of India’s unrefined petroleum imports are obtained from Saudi Arabia. During FY22 (April-December), respective exchange was esteemed at $29.28 billion. During this period, India’s imports from Saudi Arabia were esteemed at $22.65 billion and products to Saudi Arabia were valued at $6.63 billion.

The roughly 2.2 million-in number Indian people group is the biggest exile local area in the Realm, as per the Indian consulate in Riyadh.

The top administration of the two nations stayed in close touch in any event, during the Coronavirus pandemic, the Outside Undertakings Service said in an explanation.

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