Each international locations have shaped a Joint Working Group (JWG) on maritime cooperation within the delivery and logistics sectors, marking a brand new chapter within the strategic partnership, the assertion stated.
This determination was taken throughout a high-level digital assembly between Union Minister of Ports, Transport and Waterways Sarbananda Sonowal and Saudi Arabia's Minister of Transport and Logistic Providers Saleh bin Nasser Al-Jasser.
In line with the assertion, Sonowal underscored the historic and rising relationship between the 2 nations.
“India and Saudi Arabia share centuries-old financial and socio-cultural ties, he stated.
The institution of the strategic partnership council, co-chaired by the leaders of each international locations, has elevated bilateral cooperation to new heights. Sonowal pointed to current developments, together with the launch of the Jeddah-Mundra/Nhava Sheva route by Saudi Arabia's People Maritime Providers, which is anticipated to chop down transit occasions and prices.He additionally proposed collaboration on India's MAITRI digital platform for the harmonisation of maritime commerce.Saudi Arabia is India's fifth-largest buying and selling accomplice, whereas India stands because the Kingdom's second-largest buying and selling accomplice. Bilateral commerce in FY 2024-25 stood at roughly USD 42 billion.Throughout the talks, Sonowal highlighted complementarities between India's Maritime India Imaginative and prescient 2030 and Amrit Kaal Imaginative and prescient 2047 with Saudi Imaginative and prescient 2030. India invited Saudi Arabia to discover funding prospects throughout its port and delivery ecosystem.
The Maritime Improvement Fund, with a corpus of greater than USD 3 billion, presents alternatives in port infrastructure, coastal delivery and logistics. Mega tasks equivalent to Vadhavan Port on India's west coast and the Outer Harbour Undertaking at VO Chidambaranar Port in Tamil Nadu have been showcased as key funding locations.
