Union Health Minister and BJP National President JP Nadda discussed the expansion of economic partnership between India and Saudi Arabia, engaged with the Saudi-India Business Council President, Abdulziz Al Qahtani with the Saudi-India Trade Council President in Dammam in the eastern province of the country.
In a post on X, the NEDDA stated that he had a “fruitful meeting” with Al Khatani and held a thorough discussion on the growing economic partnership and the growing cooperation between the companies of the two nations.
The Union Minister also highlighted huge opportunities for investing in India in areas such as fertilizer, chemicals and pharmaceuticals in India, encouraging Saudi businesses to actively participate in India’s development journey.
“There was a fruitful meeting with Mr. Abdulziz Al Kahtani, President of Saudi -India Trade Council, and was engaged in a thorough discussion on the growing economic partnership between India and Saudi Arabia, which are available in the growing allies in India. Encouraged, “NADDA said in the post.
Nadda is currently on an official visit to the state and is accompanied by senior officials and representatives of several fertilizer companies.
“Honorable Chemicals and Fertilizers and Health and Family Welfare Minister, Mr. JP Nadda, arrived on an official visit in Saudi Arabia. He was received by Raja Fahd International Airport, Dammam, Ambassador Dr. Suhail Ajaz Khan.
According to the Ministry of External Affairs, India is the second largest trade partner in Saudi Arabia, while Saudi Arabia is the fourth largest trade partner in India.
During FY23, the price of bilateral trade was USD 52.76 billion. During this period, India’s imports increased by 23.47 percent from Saudi Arabia, reaching USD 42.03 billion USD, and exports to Saudi Arabia was USD 10.72 billion dollars, which recorded a growth of 22.48 percent on a year-on-year basis.
The total trade with Saudi Arabia in FY 2022-23 was 4.53 percent of India’s total trade. Around 2,783 Indian companies are registered as joint ventures or are 100 percent -owned institutions, which according to mea have an investment of about 2 billion USD in the Kingdom by January 2022. Saudi Arabia’s direct investment in India is USD $ 3.15 billion as of March 2022.
In June 2020, Saudi Arabia’s Public Investment Fund (PIF) announced a USD 1.49 billion or 2.32 percent stake investment in Reliance Industries’ JIO platforms. In November 2020, PIF announced another investment of 1.3 billion WASD 1.3 billion or 2.04 percent stake in Reliance Retail Ventures Limited.
In addition, there are also projects under consideration in oil, gas and petroleum fields. In the renewable energy sector, Saudi company Al-Fanar has invested in India 600mw wind power project according to Mea. (AI)