Strengthening Economic Ties: India-Saudi Arabia Collaborations in Trade and Investment

India and Saudi Arabia are discussing ways to enhance cooperation in fertilizers, petrochemicals, and mining sectors to boost trade and investment. Commerce Minister Piyush Goyal and Saudi Industry Minister Bandar Alkhorayef aim to explore potential areas for collaboration on Goyal's official visit to Riyadh.

India and Saudi Arabia are exploring strengthened partnerships in critical sectors like fertilizers, petrochemicals, and mining to enhance bilateral trade and investment. These discussions took place during a meeting between India's Commerce and Industry Minister Piyush Goyal and Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh.

During his official trip to Saudi Arabia, Minister Goyal emphasized the potential cooperation opportunities in these industries. The dialogue aims to foster deeper economic ties between the two nations, where India stands as Saudi Arabia's second largest trade partner, and Saudi Arabia is India's fourth largest trading partner.

Reflecting the robust economic relationship, bilateral trade stood at USD 43 billion for 2023-24. Indian companies have a strong presence in Saudi Arabia, with over 2,700 firms operating there. Additionally, Saudi investments in India have reached USD 3.22 billion from April 2000 to June 2024, signaling ongoing mutual economic interests.

(With inputs from agencies.)