Dammam [Saudi Arabia], July 12 : Union Health Minister and BJP National President JP Nadda engaged with the Chairman of the Saudi-India Business Council, Abdulaziz Al Qahtani, along with the business community in Dammam in the country's Eastern Province, with discussions on the expansion of the economic partnership between India and Saudi Arabia.
In a post on X, Nadda stated that he had a "fruitful meeting" with Al Qahtani and held an in-depth discussion on the growing economic partnership and increasing collaboration between companies from both nations.
The Union Minister also highlighted the vast investment opportunities in India across sectors such as fertilisers, chemicals, and pharmaceuticals, encouraging Saudi businesses to participate actively in India's growth journey.
"Had a fruitful meeting with Mr. Abdulaziz Al Qahtani, Chairman of the Saudi-India Business Council, and engaged with key members of the vibrant business community in Dammam, Eastern Province. We had in-depth discussions on the growing economic partnership between India and Saudi Arabia, and the increasing collaboration between companies from both nations. Highlighted the vast investment opportunities available across diverse sectors in Indiaincluding fertilisers, chemicals, pharmaceuticals, and moreand encouraged Saudi businesses to actively participate in India's growth journey," Nadda stated in the post.
https://x.com/JPNadda/status/1943841735966425315
Nadda is currently on an official visit to the Kingdom and is accompanied by senior officers and representatives of a number of fertiliser companies.
"Hon'ble Minister of Chemicals & Fertilisers and Health & Family Welfare, Shri JP Nadda, arrived in Saudi Arabia on an official visit. He was received at the King Fahad International Airport, Dammam, by Ambassador Dr Suhel Ajaz Khan. Hon'ble Minister is accompanied by senior officers and representatives of a number of fertiliser companies," the Embassy of India in Riyadh stated in a post on X.
According to the Ministry of External Affairs, in Economic Cooperation, India is the second-largest trade partner of Saudi Arabia, whereas Saudi Arabia is the fourth-largest trading partner of India.
During FY23, bilateral trade was valued at USD 52.76 billion. During this period, India's imports from Saudi Arabia grew by 23.47 per cent to reach USD 42.03 billion, and exports to Saudi Arabia were worth USD 10.72 billion, registering an increase of 22.48 per cent on a year-on-year basis.
Total trade with Saudi Arabia accounted for 4.53 per cent of India's total trade in FY 2022-23. There are around 2,783 Indian companies registered as joint ventures or 100 per cent owned entities with investments worth approximately USD 2 billion in the Kingdom as of January 2022, as per the MEA. Saudi Arabia's direct investments in India amount to 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 a 2.32 per cent stake investment in Reliance Industries' Jio Platforms. In November 2020, PIF announced another investment of USD 1.3 billion or a 2.04 per cent stake in Reliance Retail Ventures Limited.
In addition to this, there are also projects under consideration in the oil, gas and petroleum sectors. In the renewable energy sector, Saudi Company Al-Fanar has invested in a 600MW Wind Power project in India, as per the MEA.
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