RIYADH: India and Saudi Arabia are currently engaged in significant discussions aimed at enhancing their bilateral partnership, particularly in the sectors of fertilizers, petrochemicals, and mining.
During a recent visit to Riyadh, Indian Commerce and Industry Minister Piyush Goyal met with his Saudi counterpart, Bandar bin Ibrahim Alkhorayef. The meeting underscores both nations’ commitment to exploring avenues for expanded collaboration, reflecting an increasingly interconnected economic relationship.
The trade partnership between India and Saudi Arabia has been robust, with India ranking as the second largest trade partner of the Kingdom and Saudi Arabia standing as India’s fourth largest trading partner. The bilateral trade value was reported at $43 billion for 2023-24, a decline from $53 billion in the previous year, suggesting a need for renewed efforts to bolster trade engagements.
Industrial collaboration
Notably, over 2,700 Indian enterprises have established operations in Saudi Arabia, contributing approximately $2 billion in investments. This includes prominent firms like L&T, Tata, and Wipro, showcasing the diverse industrial collaboration between the two nations.
Furthermore, the Saudi investments in India, amounting to $3.22 billion from April 2000 to June 2024, highlight the reciprocal nature of this economic relationship. Major Saudi firms, including Aramco and Sabic, have actively contributed to this investment landscape, signaling confidence in India’s growing market.
During his visit, Minister Goyal also inaugurated the Lulu Wali Diwali event at Lulu Hypermarket, which celebrated Indian culture and products in Saudi markets, including the introduction of Ladakh apples. His enthusiasm for this cultural exchange reflects broader aspirations for deeper economic ties.
