India, Saudi Boost Trade: Fertilizers, Petrochemicals, Mining Focus

New Delhi, Oct 30 (PTI) India and Saudi Arabia on Wednesday discussed ways to enhance cooperation in areas of fertilizers, petrochemicals, and mining to boost trade and investments.

These sectors were discussed during a meeting between Commerce and Industry Minister Piyush Goyal and Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh.

Goyal is in Riyadh on an official visit.

"We further deliberated and explored potential areas for cooperation in the fertilizers, petrochemicals, and mining sectors," Goyal said in a post on a social media platform.

The minister also inaugurated the 'Lulu Wali Diwali' at the Lulu Hypermarket.

"From the Apple orchards of Ladakh to the markets of Riyadh! For the first time, Saudi Arabia gets to taste these exotic home-grown delights," he said on X.

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 USD 43 billion in 2023-24 as against USD 53 billion in 2022-23. Over 2,700 Indian companies are registered as joint ventures/100 per cent 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, Shapoorji & Pallonji have established a strong presence in Saudi Arabia.

Saudi's direct investments in India amounted to USD 3.22 billion during April 2000 and June 2024.

Major Saudi investment groups include ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group.