India-Saudi Arabia bilateral trade has enormous potential: Anand Sharma

As the trade relations between India and Saudi Arabia is already in its bloom, there is an enormous potential for a multi dimensional trade relation, says Anand Sharma, the Commerce and Industry minister in his meeting with Abdullah bin Ahmed Zainal Alireza, his Saudi Arabian counterpart on 25th November. Both of them agreed for more cooperation in the field of investment and trade services for stimulating the businesses in both of the countries. India is also planning a joint venture with Saudi to establish gas based fertilizer plants there.

Saudi’s FDI from August 2000 to 2009 August was around $31.59 million. The major areas of Foreign Direct Investment in Saudi Arabia are electrical equipments telecommunications, automobiles, software, hardware and food processing industries.

In exports, trade worth $1,809.77 million was present in 2005-2006 and in 2009-2010 it became $3,907.00 million. The imports marked an increase of $15,465.23 million in the year 2009-2010. The main export items are rice, metals and machinery equipments. The major items to import include petroleum, artificial resin and plastic. The India and Saudi Arabia trade in total was $3,442.11 million in 2005-2006. In 2009-2010 it became $21,004.57 million

The statistics proves the potential and future possibilities of a warm business relation between India and Saudi Arabia.

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