India and Saudi Arabia have been strategic partners for decades, with trade and investment being a crucial component of their bilateral relationship. Over the last 10 years, both countries have made significant efforts to deepen their business partnerships and strengthen their economic ties.
In 2012, the two countries signed a Memorandum of Understanding (MoU) to establish a Joint Commission for Cooperation (JCC), which was aimed at strengthening economic and commercial cooperation. Since then, the JCC has held several meetings to review the progress of existing agreements and explore new areas of cooperation.
The energy sector has been a major area of focus for India and Saudi Arabia, with the latter being one of the largest suppliers of crude oil to India. In recent years, both countries have expanded their cooperation in the oil and gas sector, including the establishment of joint ventures in refining, petrochemicals, and marketing.
In 2019, the two countries signed several agreements aimed at increasing their cooperation in the field of renewable energy. India, with its growing demand for energy and its ambitious target of achieving 40% of its total installed capacity from renewables by 2030, presents a significant opportunity for Saudi Arabia to expand its renewable energy business.
Another key area of collaboration between India and Saudi Arabia has been in the fields of defense and security. India has a long-standing defense relationship with Saudi Arabia, and both countries have been working together to enhance their defense and security cooperation. This includes joint exercises, training programs, and the transfer of defense technologies.
In recent years, there has also been an increase in trade and investment between the two countries. India's exports to Saudi Arabia have grown significantly, and the two countries have been working to increase the volume of trade and investment between them. In 2019, the two countries signed a MoU to establish a joint investment fund with an initial size of $100 million, aimed at promoting bilateral investments.
In conclusion, the last 10 years have seen India and Saudi Arabia deepen their business partnerships and strengthen their economic ties. Both countries have been working to expand their cooperation in key sectors such as energy, defense, and security, and to increase trade and investment between them. With the ongoing efforts to enhance bilateral cooperation, it is expected that India and Saudi Arabia will continue to strengthen their business partnerships in the years to come.