India, Saudi discuss ways to enhance cooperation in fertilizers, petrochemicals, mining sectors
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In order to boost trade and investments, India and Saudi Arabia have discussed ways to enhance cooperation in areas of fertilizers, petrochemicals and mining during a meeting between Commerce and Industry Minister Piyush Goyal and Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh.
India is the second largest trade partner for Saudi Arabia whereas Saudi Arabia is India's fourth largest trading partner. The bilateral trade between the two countries stood at $43 billion in 2023-24 as against $53 billion in 2022-23. Over 2,700 Indian companies are registered as joint ventures/100 per cent owned entities, with investments worth about $2 billion in the Kingdom.
Major Indian companies and corporate groups, including L&T, TATA, Wipro, TCS, TCIL, Shapoorji & Pallonji have established a strong presence in Saudi Arabia. Saudi's direct investments in India amounted to $3.22 billion during April 2000 and June 2024. Major Saudi investment groups include ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group.
