Other BriefingsSaudi Arabia, India Looking To Boost Bilateral Trade Ties
Saudi Arabia and India are looking to develop economic ties and boost the current US$52 billion bilateral trade relations between the two countries.
Indian Minister of Commerce and Industry Piyush Goyal, Federation of Saudi Chambers (FSC) Chairman Hassan Alhwaizy, Indian Ambassador to Saudi Arabia Suhel Ajaz Khan, and more than 100 representatives of Saudi and Indian entities and companies have been meeting at a Saudi-India roundtable in Riyadh that explored Indian investment prospects in sectors specified in the Saudi Arabia’s Vision 2030, economic trends and developments in India, and the opportunities available to Saudi business owners in this country.
Saudi-India trade
Goyal said that the visit made by Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, to India achieved historic results for relations between the two countries.
He underscored India’s unique position as an economic and investment destination for foreign investors, with its large market size exceeding 1.4 billion people, and said that his country has an economic vision that targets US$2 trillion in annual exports.
Goyal said that the Kingdom’s Vision 2030 and the India-Middle East-Europe Economic Corridor (IMEEC) will boost international trade and cooperation, and the volume of future investments in the two counties, highlighting the Indian companies’ desire to enter the Saudi market.
Alhwaizy highlighted India’s ongoing 75-year economic partnership with the Kingdom, and the fact that Saudi Arabia is now India’s fourth trading partner and the second largest energy supplier; registering US$52 billion in trade in 2022, a growth of 51%.
He said he was looking forward to seeing new partnerships formed in:
- Green hydrogen
- Manufacturing
- Energy
- Agriculture
- Food security
- Healthcare
- Information technology
Saudi-Indian Business Council Chairman Abdulaziz Al Qahtani said that in the course of 26 years, the council played an important role in strengthening economic relations and encouraging partnerships between business owners in the two countries, adding that India is an important market for Saudi companies, and Indian investors have great opportunities in the Kingdom.
The FSC and the Federation of Indian Industry signed a memorandum of understanding at the meeting, stipulating strengthening economic relations, ensuring coordination between business owners and companies in Saudi Arabia and India, and cooperating in trade and investment.
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