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(Bloomberg) — Indian Prime Minister Narenda Modi is set to kick off a two-day trip to Saudi Arabia on Tuesday as he seeks to deepen ties with the major oil exporter and OPEC+ leader at a time of mounting global trade uncertainty.
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Modi will travel to Jeddah on the kingdom’s Red Sea coast, where he will meet with Saudi Crown Prince Mohammed bin Salman, engage in bilateral talks and visit Indian factory workers.
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Both countries may benefit from deeper ties, as sweeping US tariffs that have rattled global markets encourage countries to strengthen trade relations with allies and neighbors. India and Saudi Arabia already count one another as top-five trading partners, with about $43 billion in flows in 2023-2024.
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The two leaders are expected to discuss defense, trade and energy, with the latter taking on increasing importance as India pushes to become a top refining hub. Modi may be looking to secure investments after the crown prince, known as MBS, vowed in 2019 to put $100 billion to work in the Asian nation.
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Developments on deeper energy ties are expected from Modi’s visit, as are several memoranda of understanding, India’s foreign secretary said before the trip, without giving details.
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India is already a leading recipient of Saudi crude, and state-backed energy giant Saudi Aramco has long voiced interest in investing in the country. The company came close to an investment in 2019 through a partnership with Reliance Industries Ltd. but the deal ultimately fell apart two years later.
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Since then, there have been reports that Aramco is considering buying stakes in planned Indian refineries but little indication of other major energy investments. Any firm commitments would likely signal a win for both as Saudi Arabia looks to lock in long-term buyers of its oil while India seeks to feed large refineries that process crude into fuels like gasoline.
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Modi’s trip to Saudi Arabia will be his first in six years, and follows a visit by MBS to India in September 2023. The two leaders are set to co-chair a meeting to help steer bilateral relations, in addition to holding a one-to-one session.
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Discussions around investment in renewable energy, health care services, tourism and entertainment — described by the foreign ministry as relatively new areas for collaboration — may also be on the table during the summit.
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