India, Saudi Arabia ink historic Riyadh Declaration - India News and Travel Times Provides India-centric and other News and Features

In what is a clear reflection of an emerging strategic partnership, visiting Indian Prime Minister Dr Manmohan Singh and Saudi Arabian monarch King Abdullah Bin Abdul Aziz signed the historic Riyadh Declaration at Grandoise Al Rawdah Palace on Sunday. The two leaders also reviewed the status of implementation of the historic Delhi Declaration that was signed in 2006 when King Abdullah Bin Abdul Aziz visited the Indian capital, and expressed their satisfaction at the steady expansion of Saudi-India relations since the signing of the declaration. They re-emphasized the importance of full implementation of the Delhi Declaration through exchange of visits at the ministerial, official, business, academia, media and other levels. Keeping in view the development of relations between the two countries, and the potential for their further growth, the two leaders decided to raise their cooperation to a strategic partnership covering security, economic, defence and political areas. Both leaders further reiterated their mutual desire to develop as knowledge-based economies based on advances in the areas of information technology, space science and other frontier technologies. They also welcomed the agreements signed between the two sides in the field of research and education, information technology and services, science and technology, and peaceful uses of outer space. Both leaders emphasized the importance of developing a broad-based economic partnership that reflects the ongoing transformation of their economies, and the changes such transformation are bringing about in the global economic order, including continuous coordination within the framework of the G-20 process. The two leaders stressed on continuing to work towards strengthening their strategic partnership by meeting the two countries' vast requirements relating to infrastructure, energy and development, by augmenting the flow of their investments into each other's countries, and enhancing the bilateral trade in accordance with the potential and size of their economies. In this regard, the two leaders invited the private sector in the two countries and the Saudi - India Business Council to increase their efforts to take advantage of the investment opportunities provided by the two countries. The two leaders further emphasized the importance of strengthening the strategic energy partnership based on complimentarily and interdependence, as outlined in the Delhi Declaration, including meeting India's increasing requirement of crude oil supplies, and identifying and implementing specific projects for cooperation including in the areas of new and renewable energy. India also invited Saudi Arabia to participate in crude storage facilities in India , and directed the Joint Working Group on Energy to continue adopting all appropriate means to achieve the same.