RIYADH: Saudi Minister and India are strengthening their trade and investment relations, with an emphasis on industrial and mining collaborations. A High-Level Delegation led by Saudi Industry Minister Bandar Alkhorayef arrived in India for a four-day visit to discuss key partnerships in petrochemicals, pharmaceuticals, and automotive sector.
The delegation consists of officials from the Ministry of Industry and Mineral Resources and the Local Content and Government Procurement Authority. The visit to New Delhi and Mumbai is part of Saudi Arabia’s Vision 2030 strategy to diversify its economy and boost its industrial and mining sectors.
Saudi’s non-energy exports to India increased by 19.4% in November, totaling SR2.52 billion ($672 million), while India’s imports to Saudi Arabia amounted to SR3.14 billion. The discussions in India aim to increase collaboration in petrochemicals, fertilizers, medical devices, heavy machinery, and automobile manufacturing.
Alkhorayef met Indian Minister of Chemicals and Fertilizers Jagat Prakash Nadda and Union Minister of Heavy Industries H.D. Kumaraswamy on February 3rd, 2025, to discuss potential joint initiatives. The discussions also covered Saudi Arabia’s national industrial strategy and explored potential industrial collaborations, especially in the iron and steel sector.
India displayed interest in Saudi Arabia’s magnesium deposits to support its iron and steel industry. The discussions also emphasized on Saudi Arabia’s hosting of the Saudi International Iron and Steel Conference.
In a meeting with Indian Minister of Industry and Supply Piyush Goyal, both countries mentioned boosting economic ties and drawing in investments in key industries. In October, Saudi exports to India totalled SR8.8 billion, with majority of the exports being mineral fuels, oils, waxes, and fertilizers, while imports were mainly vehicles, machinery, and industrial components.
