India, Saudi Arabia to boost trade ties in fertilizers, petrochemicals, and mining

Union commerce and industry minister Piyush Goyal, currently on an official visit to Riyadh, held a series of high-level meetings with Saudi ministers to strengthen trade relations and explore avenues for enhanced economic collaboration between the two nations.

During his meeting with Saudi minister of investment Khalid Al-Falih, Goyal discussed ways to enhance cooperation in areas of pharmaceuticals, automobiles, and petrochemicals.

"We engaged in insightful discussions on facilitating investments and explored significant opportunities for collaboration across sectors such as pharmaceuticals, automobiles and petrochemicals," he said.

Goyal also held talks with Saudi minister for industry and mineral resources Bandar bin Ibrahim Alkhorayef in Riyadh.

“We further deliberated and explored potential areas for cooperation in the fertilizers, petrochemicals, and mining sectors."

The minister also inaugurated the 'Lulu Wali Diwali' at the Lulu Hypermarket and lauded the Indian community’s role in Saudi Arabia.

“Today’s magnificent celebration is a testament to the deep mutual respect between India and Saudi Arabia. It also highlights how the vibrant Indian diaspora, rooted in strong cultural heritage and values, plays a vital role in preserving our traditions and enriching Saudi Arabia's cultural landscape,” he said.

India is the second largest trade partner for Saudi Arabia whereas Saudi Arabia is India's fourth largest trading partner.

India and Saudi Arabia have deepened their economic ties in recent years, with bilateral trade reaching USD 43 billion in 2023-24. Over 2,700 Indian companies are registered as joint ventures/wholly-owned entities, with investments worth about USD 2 billion in the Kingdom. Major Indian companies and corporate groups, including L&T, Tata, Wipro, TCS, TCIL, and Shapoorji & Pallonji, have established their strong presence in Saudi Arabia.