NEW DELHI — Prime Minister Narendra Modi said on Monday the establishment of Strategic Partnership Council will further elevate the relations between India and Saudi Arabia.

The prime minister made this statement while departing for Saudi Arabia, Maday night at the invitation of Custodian of the Two Holy Mosques King Salman to attend the Plenary Session of the 3rd Future Investment Initiative Forum being held in Riyadh.

During his visit, Modi will hold bilateral discussions with King Salman on Tuesday, the Press Trust of India reported.

"I will also meet and discuss with the Crown Prince of Saudi Arabia, Muhammad Bin Salman several matters of bilateral cooperation as well as regional and global issues of mutual interest," Modi said before his departure according to reports in Indian newspapers.

Saudi Arabia and India are working together in a wide range of sectors notably energy, security, trade and culture.... (@narendramodi), the prime minister tweeted ahead of his visit.

India and Saudi Arabia have traditionally enjoyed close and friendly relations. Saudi Arabia has been one of the largest and reliable suppliers of India's energy needs, the prime minister said.

During his visit to New Delhi in February 2019, Crown Prince Muhammad had committed to invest over $100 billion in sectors of priority in India, Modi recalled.

Defense, security, trade, culture, education and people-to-people contacts are the other important areas of bilateral cooperation with Saudi Arabia, he said.

"During the visit, the agreement for establishment of the Strategic Partnership Council will further elevate the India-Saudi Arabia Strategic Partnership to a new level," he added.

The prime minister said he also looks forward to his participation in the Future Investment Initiative Forum where he will speak about the growing trade and investment opportunities for global investors in India as the country marches forward with a goal to become a $5-trillion economy by 2024.

Modi will also launch the RuPay card in the country during the two-day visit, and will deliver the keynote address in the third session of the forum.

The FII is also known as the 'Davos in the Desert' which has been hosted by Riyadh since 2017 to project the Kingdom as a potential investment hub in the region.

The two countries are expected to hold joint naval exercises in December this year. — SG