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Saudi Arabia and India look to boost $52bn trade partnership.
Oct 27, 2023

Saudi Arabia and India are looking to develop economic ties and boost the SR196bn ($52bn) trade relations between the two countries.
 
The Federation of Saudi Chambers held a Saudi-Indian roundtable to review investment opportunities in the Kingdom.
 
Indian Minister of Commerce and Industry Piyush Goyal, FSC Chairman Hassan Alhwaizy, Indian Ambassador to Saudi Arabia Suhel Ajaz Khan, and more than 100 representatives of Saudi and Indian entities and companies took part in the meeting that explored Indian investment prospects in sectors specified in the Kingdom’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 1.4bn people, and said that his country has an economic vision that targets $2tn annually in overall 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 the Kingdom is India’s fourth trading partner and the second largest energy supplier; it registered SR196bn ($52bn) volume of trade in 2022, a growth of 51 per cent.
 
He expressed his appreciation for the Saudi-Indian Strategic Partnership Council efforts, which, he said, has brought about a major shift in the trade and investment relationship between the two countries in recent years.
 
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 KSA companies, and Indian investors have great opportunities in the Kingdom.
 
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 the Kingdom and India, and cooperating in trade and investment.
    
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