India’s Ambassador to Saudi Arabia, Suhail Ajaz Khan, met Saudi Arabia’s Minister Investment Khalid al-Palih. During the meeting, the opportunities for cooperation and development in the investment sector were discussed in detail.
Posting on the social media platform X for this meeting, the Indian Embassy wrote, “Ambassador Suhail Ajaj Khan today met his Essential Engineer Khalid al-Phalih, Investment Minister of Saudi Arabia.” There was a discussion on increasing investment and bilateral cooperation between the two countries. The ambassador also thanked the Indian companies establishing their business in Saudi Arabia for supporting them. ”
At the same time, the Saudi Investment Ministry wrote on X that Minister Khalid al-Phalih welcomed the Indian ambassador to the ministry. Both discussed the path of mutual interest, development opportunities and strategic cooperation in the investment sector.
India is Saudi’s second largest trading partner
There have been very close and friendly relations between India and Saudi. The two countries have been culturally and financially associated with each other for centuries. The Political, Security, Social and Cultural Cooperation Committee and the Economy and Investment Committee are two sub -unions under the Strategic Partnership Council (SPC).
According to Mea report, India is the second largest trading partner in Saudi Arabia. Saudi Arabia is the fourth largest trading partner in India. Let us tell you that bilateral trade between the two countries in the financial year 2022-23 was US $ 52.76 billion. While India’s imports from Saudi Arabia rose 23.47% to $ 42.03 billion during this period and India’s exports to Saudi Arabia rose 22.48% to $ 10.72 billion. The total trade was 4.53% of India’s total trade.
Increased growing business cooperation between India and Saudi
India and Saudi relations are constantly improving. There has been an increase in investment and commercial cooperation between the two countries. Currently, Saudi Arabia’s direct investment in India is $ 3.15 billion by March 2022. Major Saudi investment groups include Aramco, Sabic, Zamil, E-Holidays, and Al Batterjee Group. In addition, PIF has invested around $ 4.6 billion in many Indian startups through Softbank’s ‘Vision Fund’.
