Guwahati: Mohammed bin Salman, the Saudi Crown Prince and newly-elected Prime Minister of the Kingdom, is anticipated in New Delhi on November 14 for a brief visit of one day.
Before travelling to Bali, Indonesia for the G20 Leaders Summit, the Saudi Crown Prince will meet with Prime Minister Narendra Modi, External Affairs Minister S. Jaishankar, and National Security Advisor (NSA) Ajit Doval in Delhi.
The schedule is still being finalised, and the visit has not yet been formally announced.
According to reports, trade and investment would be the main topics of discussion between the leaders of India and Saudi Arabia in New Delhi.
Nearly USD 43 billion worth of trade has been conducted between the two nations so far this fiscal year. According to a source who spoke to ANI, Saudi Arabia is already a significant market for Indian textiles and footwear.
Saudi Arabia is likewise aiming to increase its presence in the petrochemical industry in India.
Talks on the formation of mutual halal certification agencies to stop misuse and undersea power transmission line from Saudi to India are also progressing. Deliberation is also taking place on institutionalizing the Rupee-Riyal trade, introduction of UPI and Rupay cards.
As a result of the conflict between Russia and Ukraine, worldwide inflation has skyrocketed, driven primarily by rising oil costs. Saudi Arabia is a significant supplier of oil to India, so New Delhi will be hoping for some improvement in this area.
Already under criticism for reducing oil supply starting in November is the Saudi-led OPEC. The United States claims it is a political decision, and many analysts predict that it will cause global inflation to rise even further.
Saudi Energy Minister Prince Abdulaziz Bin Salman recently visited India.
Meanwhile, Minister Jaishankar visited Riyadh in September and spoke about collaboration in the sociocultural, political, and security pillars of strategic relationship.