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Visit to bolster energy, trade and investment ties

RIYADH: External Affairs Minister Pranab Mukherjee has begun a new round of engagement with Saudi Arabia, aimed at bolstering energy, security as well as trade and investment ties.

During his two-day visit, he will hold talks with his Saudi counterpart Saud Al Faisal.

Saudi Arabia is seeking partnership in the fields of energy, transportation and Information Technology (IT). A regional heavyweight, Riyadh is also now looking to New Delhi for enhancing its maritime security. Besides, it is exploring possible joint forays into counter-terrorism measures. While Saudi Arabia was one of the few countries which recognised the Taliban regime in Afghanistan in the past, it has itself become a victim of several attacks by religious extremists in recent years.

Diplomatic sources pointed out that Mr. Mukherjee had started a process of high-level interaction, which will be followed by the visit of Deputy Chairman of the Planning Commission Montek Singh Ahluwalia. The Vice-Chief of Army Staff is also visiting Riyadh early next month.

The upcoming cycle of talks is likely to culminate in the visit to the Kingdom by Prime Minister Manmohan Singh later this year.

Mr. Mukherjee is holding talks within the broad political and economic framework that was laid out in the Delhi Declaration. This is a “vision” document signed in January 2006 during the visit to India by King Abdullah.

With oil and gas a major area of interest, collaboration in oil exploration, refineries, bulk storage facilities and setting up of fertilizer plants are now being given serious consideration. Analysts point out that India could avail itself of opportunities in Saudi Arabia’s downstream oil sector, as Riyadh plans to spend up to $117 billion in petroleum refining and petrochemicals over the next two years.

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