New Delhi: The strategic partnership between India and Saudi Arabia  is crucial for regional and global stability and welfare, Prime Minister Narendra Modi said on Monday during his talks with Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud.

Describing Saudi Arabia as one of India's most important strategic partners, Modi said both sides are adding new dimension to the ties in tune with changing times.

Modi and Bin Salman reviewed the bilateral relations at the first meeting of the India-Saudi Arabia Strategic Partnership Council.

In his opening remarks at the meeting, the prime minister said several initiatives have been identified to take "our close partnership to next level. Our relationship will get a new direction and energy in today's meeting".

The India-Saudi Arabia Strategic Partnership Council was announced in 2019 with an aim to further increase cooperation in critical areas.

Bin Salman is currently on a State visit to India following end of the G20 Summit.

Ahead of the talks, the Crown Prince was accorded a ceremonial welcome at the forecourt of the Rashtrapati Bhavan.

"I am very glad to be here in India. I want to congratulate India for the G20 Summit," Bin Salman told reporters after the ceremonial welcome.

The Saudi leader said the announcements made at the summit will benefit the world. "We will work together to create a great future for both the countries," he said.

Saudi Arabia is one of India's key strategic partners in the Middle-East.  The overall relations between the two countries have witnessed a significant upward trajectory in the last few years.

The two sides have also been focusing on strengthening their defence and security partnership.

The then Chief of Army Staff Gen MM Naravane visited Saudi Arabia in December 2020 in the first-ever visit by a head of the 1.3 million-strong Army to the important Gulf nation.  Since then, there have been series of visits of high-ranking military officials between the two sides.