Saudi Arabia, the world's biggest crude oil exporter, is keen to expand further into oil refining and petrochemicals.
Modi, in his remarks at the joint media interaction with the Saudi leader, mentioned the "barbaric terror attack" in Pulwama and said it was another manifestation of the danger posed by terrorism to humanity.
Saudi Arabia's Crown Prince Mohammed bin Salman ordered the release of 850 Indian prisoners lodged in his country's jails on Prime Minister Narendra Modi's request as the two leaders held extensive talks, according to the Ministry of External Affairs.
The Saudi Crown Prince's just-concluded high-profile visit to Islamabad came in the midst of heightened tensions between India and Pakistan following one of the worst terror attacks in Jammu and Kashmir in which 40 CRPF soldiers were killed. This is exactly India's viewpoint, that talks and terror can not continue, and only when terror ceases, that necessary conditions for dialogue would be created.
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"Saudi Arabia has a lot of capital that needs to find profitable places to be deployed", Minister of Energy, Industry and Mineral Resources Khalid Al-Falih told China's official Xinhua news agency. "We are very happy with the demand growth we are seeing from India", he said.
This visit, in all its unfortunate timing for MBS, sets a strong base for a potentially reformist Saudi Arabia to recognise the ongoing global economic reorder, with every potential future superpower today residing in Asia, led by India and China.
He also said the Pakistan-Saudi Arabia joint statement during the visit of Saudi Crown Prince Mohammed Bin Salman to Islamabad on February 18 calling for avoiding "politicisation" of the United Nations listing regime was not at all directed at India's efforts to list JeM chief Azhar as a "global terrorist".
Prince Mohammed, who was greeted with a traditional Modi bear hug at the airport late Tuesday, was expected to go on to China later Wednesday.
♦ 'Horrible situation' US President Donald Trump has described as "horrible" the terror attack by Pakistanbased Jaish-e-Mohammed in Pulwama, as his administration asked Islamabad to punish anyone responsible for the "heinous act".
"We have to engage with Saudi, and there are a number of areas where we need them, more than they need us", Bhaskar says.
In another important takeaway, Salman also announced the increase in quota for Indian Haj pilgrims to 200,000. Chinese Vice Premier Han Zheng and Crown Prince Mohammed will then co-chair the third meeting of the China-Saudi Arabia High-Level Joint Committee.