Modi: India values its ties with Saudi Arabia

India's Prime Minister Narendra Modi arrived in Saudi Arabia's Jeddah yesterday for his third visit as premier to the kingdom.

- 

"India deeply values its long and historic ties with Saudi Arabia that have acquired strategic depth and momentum in recent years," said Modi in a statement released by his office.

"Together, we have developed a mutually beneficial and substantive partnership."

Saudi Arabia has been a key supplier of oil to India, the world’s most populous country, for years.

Focus on oil imports

India’s rapidly developing economy relies heavily on petroleum imports, with Saudi Arabia ranked as its third-largest supplier according to the Indian foreign ministry.

The Gulf kingdom is also home to more than two million Indian nationals who have long played a pivotal role in its labour market, helping construct many of the country’s mega-projects while sending billions of dollars in remittances back home each year.