Economic ties would develop Indo-Saudi strategic partnership

NEW DELHI - Commerce and Industry Minister Anand Sharma on Friday said that economic ties would constitute a very solid foundation for the development of Indo-Saudi strategic partnership.

During his meeting with Saudi Arabian Minister of Commerce and Industry, Abdullah bin Ahmed Zainal Alireza here, Sharma said: “While the trade ties at present are already quite substantial, there is immense potential for taking the bilateral trade relations to the higher level.

Sharma also said that strategies to be developed for increasing volume of trade in traditional items and diversify the trade basket.

Both ministers felt that the focus is to be shifted to investment and joint ventures for enhancing trade as well as services and added that regular exchange of business delegations for sensitizing the businessmen of both countries is to be emphasized in future.

Sharma said that India is keen to set up joint ventures for gas based fertilizer plant in Saudi Arabia. Indian companies have evinced keen interest in setting up of such projects in the Kingdom of Saudi Arabia.

He further said that the total trade between India and Saudi Arabia has increased many from 3442.11million dollars in 2005-06 to 21004.57 million dollars in 2009-10.

“The exports to Saudi Arabia have increased from 1809.77 million dollars in 2005-06 to 3907.00 million dollars in 2009-10,’ he added.

Major item of export to Saudi Arabia are petroleum products; basmati rice; non-ferrous metals; machinery and instruments, dyes/ intermediary and coal tar chemicals.

Similarly, the imports from Saudi Arabia has increased substantially from 1632.34 million dollars in 2005-06 to 17097.57 million dollars in 2009-10 and the main items of imports are petroleum products, organic chemicals, artificial resin, plastic and material. (ANI)