Prime Minister Narendra Modi on Monday said that India and Saudi Arabia's cooperation is vital for the peace and stability of the entire region.

In a bilateral meeting with the Crown Prince of Saudi Arabia, Mohammed bin Salman bin Abdulaziz Al Saud, in New Delhi, Modi said, "We are adding a new dimension to our ties in tune with changing times. For India, Saudi Arabia is one of our most important strategic partners."

During the meeting, both leaders reviewed the various facets of bilateral ties and discussed ways to further unlock the potential of the strategic partnership.

"As the world's two largest and fastest-growing economies, our mutual cooperation is vital for the peace and stability of the entire region," he added.

The PM said, "Saudi Arabia is important for India. I once again thank His Royal Highness for his contribution to the success of the G20 Summit.

Calling the decision to build the economic corridor between India, West Asia, and Europe "historic", the Prime Minister said, "This corridor will not only connect two countries, but also help in providing economic growth and digital connectivity between Asia, West Asia and Europe."

Speaking at the meeting, Salman bin Abdulaziz Al Saud said, "There was no disagreement at all during the history of India-Saudi Arabia relationship, but there is cooperation to build the future of our country and create opportunities".

"Today we are working on future opportunities... I congratulate you (Modi) on the management of the G20 Summit and the initiatives achieved, including the Economic Corridor linking the Middle East, India, and Europe, which requires that we work diligently in order to make it a reality," Saud added.

Both leaders also co-chaired the first meeting of the India-Saudi Arabia Strategic Partnership Council (SPC).

At the meeting, the Prime Minister said that during the talks, both nations had identified several initiatives to take the partnership to the next level.

"Today's talks will provide new energy and direction to the relations. This will provide us inspiration to work together for the welfare of humanity," he added.

After the meeting, Prime Minister Narendra Modi and the Crown Prince signed the minutes of the first meeting of the India-Saudi Strategic Partnership Council.

The Crown Prince is on a three-day state visit to India. He arrived in New Delhi on Saturday to attend the 18th G20 summit.

Earlier this morning, Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud was accorded a ceremonial welcome at the forecourt of Rashtrapati Bhavan.

President Droupadi Murmu and Prime Minister Narendra Modi welcomed the Crown Prince of Saudi Arabia.

India is the second-largest trade partner for Saudi Arabia, whereas Saudi Arabia is India’s fourth-largest trading partner.

During the financial year 2022–23, bilateral trade was valued at over 52 billion dollars. Saudi direct investments in India amount to over three billion dollars.

(With UNI Inputs)