India’s Ambassador to Saudi Arabia, Suhel Ajaz Khan, met Saudi Minister of Investment Khalid Al-Falih in Riyadh on Sunday to discuss new opportunities in the investment sector, reaffirming their commitment to strengthening economic cooperation.
According to an update shared by the Indian Embassy in Riyadh on X, the two leaders held ‘wide-ranging discussions’ on enhancing mutual investments and bilateral collaborations between India and the Kingdom. The Embassy added that Ambassador Khan conveyed appreciation for Saudi Arabia’s continued support for Indian companies expanding their presence in the region.
The Saudi Ministry of Investment also confirmed the meeting in a statement on X, noting that both sides discussed “topics of mutual interest in the investment sector, opportunities for growth and integration in investment relations, and pathways for strategic cooperation between the Kingdom and India.”
Strategic And Economic Cooperation
India and Saudi Arabia share a longstanding partnership rooted in centuries-old economic and socio-cultural ties. The Strategic Partnership Council (SPC), established to deepen this relationship, operates through two sub-committees, one focused on Political, Security, Social, and Cultural Cooperation, and the other on Economy and Investments.
According to the Ministry of External Affairs (MEA), India is the second-largest trading partner of Saudi Arabia, while the Kingdom ranks as India’s fourth-largest trading partner. Bilateral trade between the two nations stood at USD 52.76 billion in FY23. During this period, India’s imports from Saudi Arabia rose 23.47 per cent to USD 42.03 billion, while exports grew 22.48 per cent to USD 10.72 billion, accounting for 4.53 per cent of India’s total trade.
Saudi Arabia’s direct investments in India were valued at USD 3.15 billion as of March 2022, with major contributors including Aramco, Sabic, Zamil, eholidays, and Al Batterjee Group. Additionally, the Public Investment Fund (PIF) has invested around USD 4.6 billion in several Indian start-ups through SoftBank’s Vision Fund, reinforcing the Kingdom’s confidence in India’s growth story. |
