Modi, who arrived in Riyadh Monday night, held wide-ranging talks with Saudi King Salman bin Abdulaziz and powerful Crown Prince Mohammed bin Salman, during which a Strategic Partnership Council was established to coordinate on important issues.
"In a significant upgradation of the strategic partnership, PM@narendramodi and Saudi Crown Prince Mohammed bin Salman sign the Strategic Partnership Council Agreement," MEA spokesperson Raveesh Kumar tweeted, linking a video of the signing of the agreement between Modi and the Saudi Crown Prince.
A memorandum of understanding was also signed to roll out RuPay card in the Kingdom - making Saudi Arabia the third country in the Persian Gulf after the UAE and Bahrain to introduce India's digital payment system.
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Prime Minister Modi also delivered a keynote address at the high-profile Future Investment Initiative (FII), dubbed as 'Davos in the desert', where he pressed for the United Nations reforms while expressing regret over some "powerful" countries using the global body as a "tool" rather than an "institution" to resolve conflicts.
At the forum, he said that India will invest a USD 100 billion in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years. He also sought investment from the oil-rich Saudi Arabia and other nations to boost supplies.
"Leaving with a marked upswing in bilateral relations. PM Narendra Modi departs from Riyadh after steering the India-Saudi relationship on a upward trajectory pointing towards greater collaboration in future,” Ministry of External Affairs spokesperson Raveesh Kumar tweeted.
India's relations with Saudi Arabia have been on an upswing over the last few years based on burgeoning energy ties. India's bilateral trade with Saudi Arabia was at USD 27.48 billion in 2017-18, making Saudi Arabia its fourth largest trading partner.
This was Prime Minister Modi's second visit to the country. During his first visit, King Salman conferred Saudi's highest civilian award on him. The Crown Prince visited India in February 2019, giving a further fillip to the bilateral ties.
Saudi Arabia last month said that it was looking at investing USD 100 billion in India in areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining.