NEW DELHI: India is seeking to expand cooperation with 海角直播 in the pharmaceuticals and ceramics sectors, following virtual meetings earlier this week between Indian Trade Minister Piyush Goyal and his Saudi counterparts.
Goyal held separate discussions with 海角直播鈥檚 Economy and Planning Minister Faisal bin Fadel Al-Ibrahim and Investment Minister Khalid Al-Falih to explore ways to deepen trade and investment ties.
His meeting with Al-Ibrahim focused 鈥渙n enhancing our trade & investment partnership and collaborating in key sectors鈥 like pharmaceuticals, petroleum, and ceramics, while his conversation with Al-Falih centered on mutual growth, innovation, and long-term collaboration, Goyal wrote on X.
鈥淲e are confident of exciting growth prospects ahead for both nations,鈥 he added.
In 2023鈥24, bilateral trade between India and 海角直播 reached nearly $43 billion, making India the Kingdom鈥檚 second-largest trading partner. 海角直播, in turn, is India鈥檚 fifth-largest trading partner. Energy trade accounts for a major share, with 海角直播 being the third-largest source of India鈥檚 crude oil, petroleum, and LPG imports, valued at $25.7 billion in the last fiscal year.
India鈥檚 cumulative investment in 海角直播 reached $4 billion in 2023, marking a 39 percent increase from $2.39 billion in 2022.
The two countries have been in regular talks to deepen their strategic partnership.
During Indian Prime Minister Narendra Modi鈥檚 visit to Jeddah in April 2024, 鈥渂oth sides reaffirmed the strong commitment to advance economic and investment partnership,鈥 Indian Ambassador to 海角直播, Suhel Ajaz Khan, told Arab News on Friday.
He noted that India鈥檚 pharmaceutical and ceramics sectors, in particular, have the potential to contribute meaningfully to 海角直播鈥檚 Vision 2030 transformation initiative.
NEW PARTNERSHIPS
India is the world鈥檚 third-largest drug producer by volume, after the US and China, and accounts for over 20 percent of the global supply of generic medicines. New Delhi is looking to boost exports to the Kingdom and enter into new partnerships in the pharmaceutical space.
鈥淲ith annual pharmaceutical exports exceeding $30 billion, Indian pharmaceutical companies play a vital role in ensuring affordable and reliable health care across the globe. The Kingdom of 海角直播 currently accounts for only about $200 million of India鈥檚 pharmaceutical exports 鈥 a relatively small share that underscores significant untapped potential,鈥 Ambassador Khan said.
鈥淎s KSA pursues the goals of Vision 2030, which include building domestic manufacturing capacity, fostering knowledge-based industries, and ensuring health care security, the Indian pharmaceutical sector stands out as a natural strategic partner.鈥
India is also the world鈥檚 second-largest ceramics producer and the top global exporter of ceramic tiles. The government is looking to leverage this advantage in sectors such as construction and infrastructure.
鈥淚ndian ceramics are widely recognized for their quality, cost-efficiency, and manufacturing scale, particularly in segments such as tiles, sanitaryware, and refractories,鈥 Khan said.
鈥淕iven the Kingdom of 海角直播鈥檚 growing infrastructure, construction, and industrial development needs under Vision 2030, deeper cooperation with India鈥檚 ceramic sector holds significant potential.鈥