India’s Ambassador to Saudi Arabia Sohail Ejaz Khan has emphasized the significance of the visit of Crown Prince Mohammed bin Salman to India and his participation in the G20 leaders’ summit, the Saudi Press Agency reported on Saturday.
Khan said that the visit holds utmost importance both for the G20 summit, which was held in New Delhi on Saturday, and for bilateral relations.
He highlighted the various meetings in which the Kingdom participated throughout India’s presidency of the summit. The meetings covered a wide range of topics, including energy, finance and G20-related activities.
India’s commitment to global cooperation was evident as it hosted more than 220 meetings across 60 cities, welcoming 18,000 delegates from more than 115 different nationalities.
Khan said that India’s presidency of the G20 played a pivotal role in seeking inclusive solutions to address the world’s most pressing challenges and to promote comprehensive development.
India took on the presidency of the G20 for 2023, drawing the participation of 19 members, including the EU, along with nine guest countries and three regional organizations. India is set to host more than 40 world leaders during this period.
Meanwhile, Saudi Ambassador to India Saleh Eid Al-Hussaini emphasized the pivotal role played by the Kingdom within the G20, serving as a key component of international efforts to foster global economic growth and prosperity.
Al-Hussaini also underscored the significance of the visit by the crown prince to the Indian capital.
He pointed to the deep and historic relationship between the Kingdom and India, which had evolved significantly since 2019, highlighted by the establishment of the strategic partnership council, co-chaired by the crown prince and Indian Prime Minister Narendra Modi.
Al-Hussaini spoke of the economic prominence of both countries in their respective regions and globally, citing the complementarity of their economies and their shared commitment to implementing significant visions.
These factors provided extensive opportunities for trade, investment and technology transfer, and played a crucial role in global economic security, energy and food security, he said.
The ambassador said that the Kingdom was India’s fourth-largest trading partner, while India ranks as the Kingdom’s second-largest trading partner, and the volume of trade exchange between the two countries has surged by 50 percent, reaching $53 billion, compared to $35 billion in 2021.
He highlighted the mutual dependence of the Kingdom and India in various supply chains for strategic goods and services. The Kingdom served as a reliable source of India’s imports of oil, petrochemicals and fertilizers and played a pivotal global role in energy security and price stability. In return, India contributed to food security and was a significant source of foreign transfers.
Additionally, the Indian workforce in the Kingdom enhanced labor market dynamics and fostered stronger relations between the two nations.
Al-Hussaini said that the Kingdom’s influence extended beyond the regional level to the global stage, as it ranks among the world’s major economies and is the sole Middle East member of the G20, which is a vital international platform for addressing global economic challenges.
The timing of the G20 summit in India this year is particularly significant, given India’s economic growth in 2022, making it one of the world’s largest countries by population and the fifth-largest economy globally.
Al-Hussaini also said that the volume of trade between the Kingdom and G20 countries in 2022 reached $421 billion. The G20 nations collectively represent 85 percent of the global domestic product, house 60 percent of the world’s population, and account for 75 percent of global trade volume.
This underscored the importance, effectiveness and influence of G20 member states in promoting economic growth and stability, and their capacity to address global economic challenges, he said.
Source: Arab News
