MoS Muraleedharan attends reception of India-Saudi Investment Forum

New Delhi [India], September 11 (ANI): Minister of State for External Affairs V Muraleedharan on Sunday attended a reception event of the India-Saudi Investment Forum which was organised coinciding with the State visit of Saudi Arabia Crown Prince, Mohammed bin Salman to India.

“A new momentum to the India-Saudi Arabia economic partnership!,” the MoS wrote on X.

“Pleasure to attend a Reception of India-Saudi Investment Forum organized coinciding with State visit of HRH Prince Mohammed bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia,” he said.

During the vent, he also met with several Saudi Ministers and hailed the participation of leading business persons from India and Saudi Arabia there.

“Saudi Ministers Khalid bin Al-Falih, Minister of Investment; Majid bin Al Qasabi, Minister of Commerce; Abdullah Alswaha, Minister of IT; Bandar Alkhorayef, Minister of Industrial & Mineral Resources joined. Good to see the wide participation of leading business persons from India, and Saudi Arabia,” he posted on X.

Notably, Saudi Arabian Prime Minister and Crown Prince Mohammed bin Salman Al Saud arrived at Delhi Airport on Friday to attend the G20 Summit that took place on September 9-10.

India and Saudi Arabia enjoy cordial and friendly relations reflecting the centuries-old economic and socio-cultural ties. The establishment of diplomatic relations in 1947 was followed by high-level visits from both sides. 

Moreover, Saudi Arabia is India’s fourth-largest trading partner. More than 18 per cent of India’s crude oil imports are sourced from Saudi Arabia.

Whereas, the year 2021-22 commemorates 75 years of India’s independence as ‘Azadi ka Amrit Mahotsav’. This celebration also coincides with 75 years of establishment of diplomatic relations between India and Saudi Arabia.

After the BRICS Summit concluded, Prime Minister Narendra Modi congratulated leaders and people of Saudi Arabia, along with other five nations over their full membership of BRICS and said India has always supported the expansion of the organisation.

India, USA, UAE, Saudi Arabia, France, Germany, Italy and the European Union have signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor.

The corridor will encourage and provide impetus to economic development through enhanced connectivity and economic integration between Asia, West Asia, the Middle East and Europe, as per sources.

The India-Middle East-Europe Economic Corridor will consist of two separate corridors, the East corridor connecting India to West Asia/Middle East and the Northern corridor connecting West Asia/Middle East to Europe.

It will include a rail line, which upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement the existing multi-modal transport routes enhancing transhipment of goods and services between South East Asia through India to West Asia/Middle East Europe. Connectivity with countries of the region remains a key priority for India and is deeply rooted in Indian civilizational history. India has always stood to invest, cooperate and build connectivity as part of “One Earth, One Family, One Future”.

It is also important to ensure that connectivity initiatives are consultative, transparent and participatory with respect for the sovereignty and territorial integrity of all countries. Principles of financial responsibility and economic viability must be followed to avoid the creation of unsustainable debt burdens to recipients and conforming to ecological and environmental standards.

The objective of development cooperation is that it would stand out as a symbol of an alternate approach, cement India’s relationship with key actors in the region and beyond, and provide the industry and business with new opportunities to plug into international trade and logistics corridors.