During his second trip to Saudi Arabia in three years, PM Narendra Modi has said that India values its relation with the West Asian nation. The visit, Modi's first since his return to power following the general elections in the summer, will not only see both countries strengthen their economic cooperation but also extend ties in more sectors, including security.

What the trip is all about

Modi will be speaking at the annual Saudi Arabia investor summit, Future Investment Initiative (FII) which is billed as the Davos of the desert. The trip is important given the economic ties between the two nations as well as the personal rapport between Modi and Saudi crown prince Mohammed Bin Salman. It is also Modi's first visit to Saudi Arabia since Muslim-majority Jammu and Kashmir was stripped of its special rights in August.

What is in store

With India heavily dependent energy, both nations will be looking to further strengthen their corporation. Modi, speaking to Arab News said, that both countries have been working together within the G20 to reduce inequality and promote sustainable development. He added that with the signing of an agreement on a Strategic Partnership Council, the relation will be strengthened even further.

Modi on Saudi Arabia's strategic role

The prime minister praised Saudi Arabia for its role as an important and reliable source of India’s energy requirements. He added that stable oil prices are crucial for the growth of the global economy. India imports around 18 percent of its crude oil from the desert kingdom, making it the second-largest source of crude oil, Modi said, adding that the buyer-seller relation between the two states is moving to the next phase with a closer strategic partnership that will include Saudi investments in downstream oil and gas projects and participation of Aramco in India’s strategic petroleum reserves.

On co-operation in security issues:

Both countries have identified a number of areas of mutual interest and cooperation in the field of defense and security and are in the process of entering into agreements on security cooperation and collaboration in defence industries. The countries have also agreed to hold a comprehensive security dialogue mechanism.

Development of smart cities in India

Modi said that India will welcome greater Saudi investments in infrastructure projects, including in the smart cities program.