India and Saudi Arabia Discuss Enhanced Cooperation in Key Sectors
New Delhi: India and Saudi Arabia have taken significant steps to bolster their economic partnership, focusing on the fertilizers, petrochemicals, and mining sectors. This collaboration was the focal point of discussions held between India’s Commerce and Industry Minister Piyush Goyal and Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef during Goyal’s official visit to Riyadh.
In a statement on social media, Goyal emphasized the fruitful dialogue, stating, “We further deliberated and explored potential areas for cooperation in the fertilizers, petrochemicals, and mining sectors.” This strategic dialogue aims to enhance trade and investment between the two nations.
Additionally, Goyal engaged in bilateral talks with Khalid Al Falih, the Saudi Minister of Investment, where they discussed ways to facilitate investments and identified collaboration opportunities across various sectors, including pharmaceuticals and automobiles.
During his visit, Goyal also inaugurated the ‘Lulu Wali Diwali’ at the Lulu Hypermarket, celebrating Indian culture and commerce. He remarked, “From the apple orchards of Ladakh to the markets of Riyadh! For the first time, Saudi Arabia gets to taste these exotic home-grown delights.”
India ranks as Saudi Arabia’s second-largest trade partner, while Saudi Arabia stands as India’s fourth largest. The bilateral trade between the two countries reached USD 43 billion in the fiscal year 2023-24, down from USD 53 billion in 2022-23.
Over 2,700 Indian companies are registered as joint ventures or wholly-owned entities in Saudi Arabia, with investments totaling approximately USD 2 billion. Major Indian corporations, such as L&T, Tata, Wipro, TCS, TCIL, and Shapoorji & Pallonji, have established a significant presence in the Kingdom.
On the investment front, Saudi Arabia has directed USD 3.22 billion into India from April 2000 to June 2024, with prominent Saudi investment groups like ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group actively engaged in various sectors.
These discussions mark a pivotal moment in strengthening Indo-Saudi ties, paving the way for increased economic collaboration and mutual growth.
