New Delhi, Apr 22 (PTI) Prime Minister Narendra Modi has hailed Saudi Arabia as one of India's most values partners, and a trusted friend and ally, describing the current period as promising times for their ties having a "limitless potential".

He told Arab News in an interview ahead of his two-day visit to the country, "India and Saudi Arabia will keep moving forward together - for peace, progress and prosperity, not just for our people, but for the entire world." Noting that the two countries are working on a Bilateral Investment Treaty, he said the proposed Free Trade Agreement between India and GCC (Gulf Cooperation Council) has immense potential to transform the economic relationship between India and Saudi Arabia, and the region in general.

He praised the Saudi leadership for playing a vital role in strengthening this partnership and thanked Crown Prince Mohammed bin Salman for the invitation, which marks his thirst visit to the kingdom as prime minister.

He said, "The Kingdom of Saudi Arabia is one of India's most valued partners a maritime neighbour, a trusted friend and a strategic ally." Modi said the economic ties between the two countries are as old as the monsoon winds, noting that they not only survived global challenges but have grown.

While sectors like energy, agriculture and fertilizers are the main areas of the trade, efforts at diversification have borne fruits, he said, adding that Indian businesses and Saudi industry are building stronger connections.

He said, "Our connection is not new. It is rooted in civilisational exchanges that go back to centuries. From ideas to trade, there has been a constant flow between our two great nations." Modi asserted that their ties have been on an upward trajectory since he took office in 2014, noting that the formation of the Strategic Partnership Council in 2019 marked a major milestone.

"Since then, cooperation between us has expanded across many sectors. And let me tell you, this is just the beginning. Our partnership has limitless potential," he said.

Asked of his personal rapport with the crown prince, Modi said he has left a deep impression on him with his insights, forward-thinking vision, and passion for fulfilling the aspirations of his people.

Under his leadership, Saudi Arabia has undergone tremendous social and economic transformation, he said He said, "This personal rapport has naturally translated into how both countries give priority to our partnership. He is a strong advocate of our bilateral ties. He has been a great supporter of the Indian diaspora in Saudi Arabia and our people living in Saudi Arabia deeply admire him." He said when they talk, they focus on making this partnership future-ready.

Modi said he found complementarities between Saudi Vision 2030 and India's Viksit Bharat 2047, noting that bilateral investments have been increasing.

He said, "Today, the Indian growth story offers immense opportunities for Saudi majors to invest and partner, from space economy to global supply chain collaborations. Indian companies have also maintained a strong presence across various sectors in Saudi Arabia. They are playing a crucial role in the realisation of Saudi Vision 2030." To a question about the future of energy collaboration between the two nations, especially in the context of global energy transitions, Modi said Saudi Arabia has been a strong and reliable energy partner and is one of India's top suppliers of crude and other petroleum products.

He said, "As India seeks to become a developed country, our energy demands will continue to grow. And Saudi Arabia will remain a close partner in our energy security. As strategic partners we agree that our energy cooperation is not limited to a mere buyer-seller relationship. We are also exploring joint projects in refineries and petrochemicals." Even in India's ambitious green targets, there is an immense scope of collaboration with Saudi Arabia, including in supply chains, circular economy, energy efficiency and green hydrogen, he added.

Referring to the proposal of India-Middle East-Europe Economic Corridor (IMEEC), he said they are working on feasibility studies for electricity grid interconnectivity between India and Saudi Arabia and the wider region.

The prime minister said this corridor will define the future of connectivity in all forms for centuries to come. It will become the key catalyst of commerce, connectivity and growth in the entire region, he added.

He said it will facilitate development of resilient and dependable supply chains, increase trade accessibility and improve trade facilitation.

The corridor will increase efficiencies, reduce costs, enhance economic unity, generate jobs and lower greenhouse gas emission, resulting in a transformative integration of Asia, Europe and the Middle East, he added.

He emphasised that both India and Saudi Arabia have a key role to play in the success of this corridor.

Lauding over 2.7 million members of the Indian community in Saudi Arabia as a living bridge connecting the two countries, he commended them for not only preserving their values and traditions, but also promoting them. PTI KR DV DV