Saudi Arabia, one of the largest crude oil suppliers to India and a "reliable" source of energy supply, promised to meet India's growing energy needs.
"The two sides agreed to explore ways and means to transform the buyer-seller relationship in the energy-sector to one of deeper partnership focusing on investment and joint ventures bilaterally and also in third countries," said a Joint Statement.
The two sides also decided to work to finalise the framework agreement between the General Investment Authority in Saudi Arabia (SAGIA) and Invest India, which will facilitate investments by the private sectors in the two countries, especially in the fields of the petrochemical industries, pharmaceuticals, medical equipments and for the establishment of joint ventures in these fields.
On the issue of investment and trade, both the countries decided to address the issues hindering these and as they pushed for greater cooperation especially in the fields of infrastructure and technology transfer, skilled human resources in information technology, electronics and telecommunications.