October 31, 2024
India and Saudi Arabia aim to strengthen ties in fertilizers, petrochemicals, and mining sectors
Commerce Minister Piyush Goyal and Saudi Industry Minister Bandar bin Ibrahim Alkhorayef led discussions in Riyadh
Bilateral trade between India and Saudi Arabia reached US$43 billion in 2023-24, down from US$53 billion in 2022-23
Saudi Arabia ranks as India’s fourth-largest trading partner, with India being the Kingdom’s second-largest
India and Saudi Arabia have strengthened cooperation in fertilizers, petrochemicals, and mining. Commerce and Industry Minister Piyush Goyal met Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh on an official visit. Goyal emphasised the potential for expanded partnerships in these key sectors to enhance trade and investments between the two nations.
The economic relationship between India and Saudi Arabia remains significant, with India being the Kingdom’s second-largest trade partner and Saudi Arabia ranking India’s fourth-largest. Bilateral trade stood at US$43 billion for the fiscal year 2023-24, following a higher figure of US$53 billion in the previous year.
The Indian corporate presence in Saudi Arabia is notable. Over 2,700 Indian companies registered in the Kingdom contribute investments worth around US$2 billion. Renowned Indian conglomerates such as L&T, TATA, Wipro, TCS, TCIL, and Shapoorji & Pallonji have established a robust foothold in the Saudi market.
On the other hand, Saudi investments in India totalled US$3.22 billion between April 2000 and June 2024. Prominent Saudi investors include leading groups such as ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group, underscoring the commitment to deepening economic ties between the two nations.
Source: Economic Times