The visit of Crown Prince Mohammed bin Salman to India for the G20 leaders' summit has drawn significant attention and underscored the growing importance of bilateral relations between the two nations. India's Ambassador to Saudi Arabia, Sohail Ejaz Khan, emphasized the significance of the crown prince's visit, which has implications both for the G20 summit and the deepening ties between India and Saudi Arabia.
During India's presidency of the G20 summit, numerous meetings covering a wide range of topics, including energy, finance, and G20-related activities, were held, demonstrating India's commitment to global cooperation. Hosting over 220 meetings across 60 cities and welcoming 18,000 delegates from over 115 different nationalities, India played a pivotal role in seeking inclusive solutions to address global challenges and promote comprehensive development.
India assumed the presidency of the G20 for 2023, drawing the participation of 19 members, including the EU, nine guest countries, and three regional organizations. The nation is set to host more than 40 world leaders during this period.
Saudi Ambassador to India, Saleh Eid Al-Hussaini, also highlighted the Kingdom's integral role within the G20, contributing significantly to global economic growth and prosperity. He underscored the deep and historic relationship between Saudi Arabia and India, exemplified by the establishment of the strategic partnership council co-chaired by the crown prince and Indian Prime Minister Narendra Modi in 2019.
Both nations, with their significant economic prominence regionally and globally, find complementary opportunities for trade, investment, and technology transfer. These collaborations play a crucial role in global economic security, energy, and food security. The volume of trade exchange between Saudi Arabia and India reached $53 billion, a 50 percent increase from $35 billion in 2021, making the Kingdom India's fourth-largest trading partner.
The two countries share mutual dependencies in various supply chains for strategic goods and services, with the Kingdom being a reliable source of India's imports of oil, petrochemicals, and fertilizers. Simultaneously, India contributes to food security and serves as a significant source of foreign transfers.
Furthermore, the Indian workforce in Saudi Arabia enhances labor market dynamics and strengthens bilateral relations.
Al-Hussaini emphasized that the Kingdom's influence extends beyond the regional level to the global stage as a member of the G20, a vital international platform for addressing global economic challenges. The timing of the G20 summit in India in 2023 holds special significance, given India's robust economic growth in 2022, making it one of the world's largest countries by population and the fifth-largest economy globally.
The total volume of trade between Saudi Arabia and G20 countries in 2022 reached $421 billion. G20 member states 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 underscores the importance, effectiveness, and influence of G20 member states in promoting economic growth and stability and addressing global economic challenges.
In summary, the visit of Crown Prince Mohammed bin Salman to India during the G20 leaders' summit marks a significant milestone in the growing partnership between the two nations. Both India and Saudi Arabia are committed to strengthening their ties and playing influential roles in addressing global challenges and fostering economic growth and stability.