Sat, Mar 25, 2017 | updated 07:03 PM IST

India's buyer-seller relation with Gulf in oil changing: M.J. Akbar

Updated: Jan 05, 2017 23:32 IST

Bengaluru (Karnataka) [India], Jan. 5 (ANI): Noting that India's relationship with the Gulf has been on a "remarkable positive track", Minister of State (MoS) for External Affairs M.J. Akbar on Thursday said the traditional buyer-seller relationship in oil between New Delhi and the oil producing countries is changing.

Speaking at the inauguration of GOPIO Global convention in Bengaluru, Akbar said that the Gulf countries are investing in India's strategic petroleum reserves.

Akbar said India's security relationship with the Gulf countries forms a critical part of its commitment to peace and elimination of terrorism.

"A security relationship of such dimensions can only happen when there is enormous trust and unflinching resolve," he added.

Akbar's statements assume significance as India will have its first Strategic Dialogue with UAE in Delhi on January 20. And New Delhi will be a host to Crown Prince Mohammed bin Zayed Bin Sultan Al-Nahyan on Republic day.

India has signed a framework agreement with Saudi Arabia for an investment of 1 trillion dollars in infrastructure development over the next five years.

"A security relationship of such dimensions can only happen when there is enormous trust and unflinching resolve," he said.

"But few things illustrate the success of our engagement with the world more than the dramatic escalation in ties with UAE, Saudi Arabia and the Gulf, forged under the leadership of Prime Minister Narendra Modi. Sceptics were startled when the King Salman bin Abdulaziz, Custodian of the Two Holy mosques, presented the "Sash of King Abdulaziz", Saudi Arabia's highest civilian honour, to our Prime Minister," he added.

Akbar later shifted his focus to its long-time ally Russia who listed its achievement in forging strong cooperation in the fields of defence, energy, information technology, trade and investment.

"The first-ever project in the defence sector under PM's flagship "Make in India" program is with Russia. Units I and II of the Kudankulam Nuclear Power Plant (KKNPP) have been already dedicated to the nation and work on Units III and IV began in October 2016," he added.

Akbar said India's relationship with America is based on shared values and popular impetus which has acquired unprecedented momentum.

" India has become a Major Defence Partner of America. FDI investments from the US have risen from less than a billion dollars in 2014 to USD 4.5 billion this year. A contract is being negotiated with Westinghouse for a 6600 MW nuclear plant," he said.

"We are collaborating with the US across a wide range - from counter-terrorism to building smart cities to clean energy technologies," he added. (ANI)

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