NEW DELHI: India is eyeing closer collaboration with Saudi Arabia in the pharmaceuticals and ceramics industries, following talks between Indian trade minister Piyush Goyal and his Saudi counterparts earlier this week.<\/p>\n
Goyal held separate virtual meetings with Saudi Arabia\u2019s 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.<\/p>\n
His meeting with Al-Ibrahim was focused \u201con enhancing our trade & investment partnership and collaborating in key sectors\u201d 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.<\/p>\n
\u201cWe are confident of exciting growth prospects ahead for both nations,\u201d he said.
\nIn 2023-24, Saudi-India trade reached nearly $43 billion, making India Saudi Arabia\u2019s second-largest trading partner, while the Kingdom stands as New Delhi\u2019s fifth-largest.<\/p>\n
Bilateral energy trade alone was worth $25.7 billion in 2023-24, with Saudi Arabia being the third-largest source of India\u2019s LPG, crude and petroleum imports.<\/p>\n
In 2023, India\u2019s investment in the Kingdom reached $4 billion, showcasing an increase of 39 percent from 2022, when it stood at about $2.39 billion.<\/p>\n
Saudi Arabia and India have been in talks to deepen their strategic partnership. When Indian Prime Minister Narendra Modi visited Jeddah in April, \u201cboth sides reaffirmed the strong commitment to advance economic and investment partnership,\u201d Indian ambassador to Saudi Arabia, Suhel Ajaz Khan, told Arab News on Friday.
\nIndia\u2019s pharmaceuticals and ceramics sector, in particular, had potential to support Saudi Arabia\u2019s Vision 2030 transformation project, he added.<\/p>\n
With India being the world\u2019s 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 Saudi Arabia.<\/p>\n
\u201cWith 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 Saudi Arabia currently accounts for only about $200 million of India\u2019s pharmaceutical exports \u2014 a relatively small share that underscores significant untapped potential,\u201d Khan said.<\/p>\n
\u201cAs 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.\u201d<\/p>\n
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.<\/p>\n
\u201cIndian ceramics are widely recognized for their quality, cost-efficiency and manufacturing scale, particularly in segments such as tiles, sanitaryware and refractories,\u201d Khan said.<\/p>\n
\u201cGiven the Kingdom of Saudi Arabia\u2019s growing infrastructure, construction and industrial development needs under Vision 2030, deeper cooperation with India\u2019s ceramic sector holds significant potential.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: India is eyeing closer collaboration with Saudi Arabia 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 Saudi Arabia\u2019s Economy and Planning Minister Faisal bin Fadel Al-Ibrahim and Investment Minister Khalid Al-Falih to discuss ways […]<\/p>\n","protected":false},"author":2,"featured_media":1043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[159,158],"class_list":{"0":"post-1042","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sitefansalaran-international-news","8":"tag-ceramics-with-saudi-arabia","9":"tag-india-eyes-closer-cooperation-in-pharmaceuticals"},"yoast_head":"\n