India, Saudi Arabia to strengthen cooperation in chemicals & petrochemicals sector

India and Saudi Arabia have held a bilateral meeting with focus on enhancing bilateral cooperation, promoting investments, and exploring new areas of collaboration in the Chemicals and Petrochemicals sector. Both sides acknowledged the complementarities in the Chemicals and Petrochemicals sector of the two countries with Petrochemicals as the strength of Saudi Arabia and India’s strength in Speciality Chemicals. They agreed to have enhanced cooperation for harnessing the synergy between the two sides.

Both sides discussed the opportunities for increasing the collaboration across the value chain of Chemicals and Petrochemicals, including investments in Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) of India and potential partnerships between major companies of both countries. It was also agreed to collaborate in the field of Research & Development and skill development in the sector.

Both sides reaffirmed their commitment to building a sustainable and mutually beneficial partnership in the Chemicals and Petrochemicals sector, further strengthening the strategic and economic ties between India and Saudi Arabia. Meanwhile, Saudi Arabia is India’s fourth largest trade partner, and India is Saudi Arabia’s second largest trade partner. Bilateral trade between the two countries reached $41.88 billion in 2024-25, with chemicals and petrochemicals contributing 10%, which is nearly $4.5 billion.