Manmohan Singh set to sign 10 pacts with Saudis

India and Saudi Arabia on Sunday finalised 10 pacts, including an Extradition Treaty and agreements in the economic sphere for signing during Prime Minister Manmohan Singh's ongoing visit to this oil-rich country. The agreements cover security, science and technology, culture and media.

Reports reaching New Delhi said Dr Manmohan Singh was given a historic welcome with the kingdom's crown prince and the entire Saudi cabinet turning up at the airport to receive him. In an unprecedented gesture, Crown Prince Sultan Bin Abdul Aziz, Defence Minister, Minister for Civil Aviation and First Deputy Prime Minister, Prince Naif Bin Abdul Aziz, Interior Minister and the Second Deputy Prime Minister, Prince Salman Bin Abdul Aziz, the governor of Riyadh, and the entire Saudi cabinet set aside protocol and received the prime minister and his wife Gursharan Kaur.

Opening India’s doors to Saudi entrepreneurs, Manmohan Singh on Sunday said the “conditions are ripe” for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership. Dr. Singh, who is on a three-day visit to the oil-rich kingdom, did some hard selling while addressing the influential Saudi Chambers of Commerce and Industry in Riyadh.

Dr Singh, the first Indian Prime Minister to visit Saudi Arabia in 28 years, will meet King Abdullah bin Abdulaziz Al Saud and hold wide-ranging talks on issues ranging from cooperation in various areas, situation in Afghanistan and the threat of terrorism.

The Prime Minister invited Saudi businessmen to explore investment opportunities in India, particularly in the areas of construction, manufacturing, pharmaceuticals, health, agriculture, energy, telecommunications, tourism and other service sectors with an aim to substantially bolster bilateral trade, which touched nearly $25 billion in 2008-09. Indian investments into the kingdom stand at more than $ 2 billion, covering over 500 joint ventures.

Several major Indian companies have already established their presence in Saudi Arabia, Dr. Singh said, citing public sector firm RITES, which recently won a contract in the North-South Railways project.

“We deeply value Saudi Arabia’s role as a reliable partner in meeting our energy needs. We believe that conditions are ripe for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership,” said Dr. Singh.

He pointed out Indian companies were well-equipped to participate in upstream and downstream oil and gas sector projects in Saudi Arabia.

Dr. Singh said India views its economic cooperation with Saudi Arabia in the wider context of its interactions with the entire Gulf region, with which the country shares deep and historical ties. “The Gulf countries are our natural partners in every sense of the term. Indians are the largest expatriate community in every country of the Gulf Cooperation Council.

Saudi Arabia is India’s fourth largest trading partner with two-way commerce being to the tune of about $25 billion.

Describing Saudi Arabia's King Abdullah Bin Abdul Aziz ‘s January 2006 visit to India as a “defining moment” in bilateral ties, Dr. Singh said the landmark Delhi Declaration signed by them identified higher flows of trade and investment, better connectivity and exchange of ideas as the central pillars of their joint vision for an enhanced economic partnership. “I look forward to my dialogue ... with His Majesty to carry forward the momentum and take the entire gamut of our relations to even greater heights,” he said.

- Asian Tribune -