New Delhi, Oct 15: India and Saudi Arabia have decided to enhance bilateral cooperation in the chemicals and petrochemicals sector, promoting investments and exploring new areas of collaboration, an official statement said on Wednesday.
Bilateral trade between the two countries reached $41.88 billion in 2024–25, with chemicals and petrochemicals contributing 10 per cent, which is nearly $4.5 billion.
A bilateral meeting was held between Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilisers and Ministry of Industry and Minerals, Kingdom of Saudi Arabia.
The Indian side was led by Nivedita Shukla Verma, Secretary Department of Chemicals and Petrochemicals. The Saudi delegation was led by Khalil bin Ibrahim bin Salamah, Vice Minister of Industry and Minerals.
According to the ministry, both sides acknowledged the complementarities in the chemicals and petrochemicals sector of the two countries with petrochemicals as the strength of Saudi Arabia and India’s strength in speciality chemicals.
It was agreed to have enhanced cooperation for harnessing the synergy between the two sides.
Both sides also discussed the opportunities for increasing the collaboration across the value chain of chemicals and petrochemicals, including investments in Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) of India and potential partnerships between major companies of both countries.
“It was also agreed to collaborate in the field of Research and Development and skill development in the sector. Both sides reaffirmed their commitment to building a sustainable and mutually beneficial partnership in the Chemicals and Petrochemicals sector, further strengthening the strategic and economic ties between India and Saudi Arabia,” said the ministry.
Saudi Arabia is India’s fourth largest trade partner, and India is Saudi Arabia’s second largest trade partner.
Earlier, India and Saudi Arabia decided to strengthen bilateral cooperation in the textile sector, an official statement said.
