NEW DELHI: India is eyeing closer collaboration with ֱ in the pharmaceuticals and ceramics industries, following talks between Indian trade minister Piyush Goyal and his Saudi counterparts earlier this week.
Goyal held separate virtual meetings with ֱ’s Economy and Planning Minister Faisal bin Fadel Al-Ibrahim and Investment Minister Khalid Al-Falih to discuss ways to strengthen trade and investment ties between the two countries.
His meeting with Al-Ibrahim was focused “on enhancing our trade & investment partnership and collaborating in key sectors” such as pharmaceuticals, petroleum and ceramics, while his discussion with Al-Falih was centered on mutual growth, innovation and long-term collaboration, Goyal wrote on X.
“We are confident of exciting growth prospects ahead for both nations,” he said.
In 2023-24, Saudi-India trade reached nearly $43 billion, making India ֱ’s second-largest trading partner, while the Kingdom stands as New Delhi’s fifth-largest.
Bilateral energy trade alone was worth $25.7 billion in 2023-24, with ֱ being the third-largest source of India’s LPG, crude and petroleum imports.
In 2023, India’s investment in the Kingdom reached $4 billion, showcasing an increase of 39 percent from 2022, when it stood at about $2.39 billion.
ֱ and India have been in talks to deepen their strategic partnership. When Indian Prime Minister Narendra Modi visited Jeddah in April, “both sides reaffirmed the strong commitment to advance economic and investment partnership,” Indian ambassador to ֱ, Suhel Ajaz Khan, told Arab News on Friday.
India’s pharmaceuticals and ceramics sector, in particular, had potential to support ֱ’s Vision 2030 transformation project, he added.
With India being the world’s third-largest producer of drugs by volume after the US and China and supplying more than 20 percent of global demand on generic drugs, Delhi is keen to open up new collaborations in the pharmaceutical industry with ֱ.
“With 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 ֱ currently accounts for only about $200 million of India’s pharmaceutical exports — a relatively small share that underscores significant untapped potential,” Khan said.
“As 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.”
The Indian government is also seeking to take advantage of its edge in the ceramics industry, as India is the second-largest producer of ceramics globally and the largest exporter of ceramic tiles.
“Indian ceramics are widely recognized for their quality, cost-efficiency and manufacturing scale, particularly in segments such as tiles, sanitaryware and refractories,” Khan said.
“Given the Kingdom of ֱ’s growing infrastructure, construction and industrial development needs under Vision 2030, deeper cooperation with India’s ceramic sector holds significant potential.”