Arab News
Arab News, Wed, Feb 05, 2025 | Shaaban 6, 1446
Saudi minister leads delegation to India to bolster industrial and mining ties
Saudi Arabia:
Saudi Arabia and India are set to
strengthen commercial and mining ties, with key agreements expected during a
four-day visit by the Kingdom’s industry minister.
Bandar Alkhorayef, leading a high-level delegation
from the Ministry of Industry and Mineral Resources and the Local Content and
Government Procurement Authority, is scheduled to meet top Indian ministers to
explore partnership opportunities in petrochemicals, pharmaceuticals, and
automotive, the Saudi Press Agency reported.
The visit, which includes stops in New Delhi and
Mumbai — India’s commercial hub — aligns with the Kingdom’s broader Vision 2030
goals to diversify its economy and position Saudi Arabia as a global industrial
and mining powerhouse.
This follows growing trade ties between the two
nations, with Saudi Arabia’s non-energy goods exports to India rising 19.4
percent in November to SR2.52 billion ($672 million), while imports from India
reached SR3.14 billion.
On the first day of his visit, which began on Feb.
3, Alkhorayef met with Minister of Chemicals and Fertilizers Jagat Prakash Nadda
and Union Minister of Heavy Industries H.D. Kumaraswamy.
Discussions focused on expanding cooperation in
petrochemicals, fertilizers, and pharmaceuticals, as well as medical devices,
heavy machinery, automobiles, and spare parts.
Both sides underscored the importance of
strengthening ties and boosting investment and industrial development through
joint initiatives.
In his meeting with Kumaraswamy, Alkhorayef
highlighted Saudi Arabia’s national industrial strategy and the role of the iron
and steel sector in fostering industrial integration between the two countries.
India also expressed interest in participating in
magnesium ore extraction in Saudi Arabia to produce refractory raw materials for
the iron and steel industry. The Kingdom’s role in hosting the Saudi
International Iron and Steel Conference was also emphasized.
In a subsequent meeting with Minister of Industry
and Supply Piyush Goyal, Alkhorayef discussed attracting high-quality
investments to drive growth in critical sectors. Both ministers highlighted
strong economic and bilateral ties, noting significant potential for deeper
industrial collaboration.
According to the Saudi Ministry of Economy and
Planning, Saudi exports to India reached SR8.8 billion in October, accounting
for 9.5 percent of the Kingdom’s total exports. The primary exports included
mineral fuels, oils, waxes, and fertilizers.
Meanwhile, Saudi imports from India largely
consisted of vehicles, boilers, and machinery, including industrial components
such as engines and pumps for various sectors.