Saudi Arabia Has a Pioneering Role that G20 Relies on to Achieve Growth and Prosperity of Global Economy, Saudi Ambassador to India Says

The Saudi Ambassador to the Republic of India, Saleh Eid Al-Hussaini, has emphasized the pivotal role played by the Kingdom of Saudi Arabia within the G20, serving as a crucial component of international efforts to foster global economic growth and prosperity.

In a statement to the Saudi Press Agency, Ambassador Al-Hussaini underscored the significance of the visit by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to the Republic of India for the G20 Leaders Summit scheduled for September 9 and 10, 2023, in the Indian capital. He pointed out the deep and historic relationship between the Kingdom and India, which has evolved significantly since 2019, highlighted by the establishment of the Strategic Partnership Council, co-chaired by HRH the Crown Prince and the Prime Minister of India.

Al-Hussaini emphasized the economic prominence of both countries in their respective regions and globally, citing the complementarity of their economies and their shared commitment to implementing significant visions. These factors provide extensive opportunities for trade, investment, technology transfer, and play a crucial role in global economic security, energy, and food security.

The ambassador reported that the Kingdom is India’s fourth-largest trading partner, while India ranks as the Kingdom’s second-largest trading partner. Notably, the volume of trade exchange between the two countries has surged by 50 percent, reaching $53 billion, compared to $35 billion in 2021.

He highlighted the mutual dependence of the Kingdom and India in various supply chains for strategic goods and services. The Kingdom serves as a reliable source of India’s imports of oil, petrochemicals, and fertilizers and plays a pivotal global role in energy security and price stability. In return, India contributes to food security and is a significant source of foreign transfers. Additionally, the Indian workforce in the Kingdom enhances labor market dynamics and fosters stronger relations between the two nations.

Ambassador Al-Hussaini emphasized that the Kingdom’s influence extends beyond the regional level to the global stage, as it ranks among the world’s major economies and is the sole Middle East member of the Group of Twenty (G20).

The G20, he noted, is a vital international platform for addressing global economic challenges. The timing of the G20 summit in India in 2023 is particularly significant, given India’s remarkable economic growth in 2022, making it one of the world’s largest countries by population and the fifth-largest economy globally.

Al-Hussaini also revealed that the volume of trade between the Kingdom and G20 countries in 2022 reached $421 billion. The G20 nations collectively represent 85 percent of the global domestic product, house 60 percent of the world’s population, and account for 75 percent of global trade volume. This underscores the importance, effectiveness, and influence of G20 member states in promoting economic growth, stability, and their capacity to address global economic challenges.