India has taken a big step towards promoting cooperation in major areas such as pharmaceuticals and ceramics with Saudi Arabia. This week, Indian Commerce Minister Piyush Goyal met separate virtual meetings with two senior Saudi Arabia ministers, which discussed further strengthening trade and investment partnerships between the two countries.
Piyush Goyal interacted with Saudi Arabia’s Economy and Planning Minister Faisal bin Fadel al-Ibrahim and Investment Minister Khalid al-Falih. Pharma, petroleum and ceramics were identified as priority areas. Union Minister Piyush Goyal said, there are possibilities of exciting development for both countries in future.
India-Saudi bilateral trade in 2023-24 reached around $ 43 billion, making India the second largest trading partner in Saudi Arabia. In the same period only the value of energy trade was $ 25.7 billion.
India is the third largest drug producing country in the world
India is the third largest drug producing country in the world and supplies more than 20% of the world’s generic drugs. Despite this, India’s pharma export stake to Saudi Arabia is only $ 200 million, which is considered very low. Suhail Ajaz Khan (Ambassador in Saudi Arabia, India said, India can be a natural strategic partner in the target of increasing healthcare security and domestic production under Vision 2030.
India is the second largest ceramics producers in the world
India also gains in ceramics sector India is the world’s second largest ceramics producer and largest tiles exporter. The quality, cost efficiency and production capacity of Indian ceramic products make them competitive globally. In view of the growing demand in the Infrastructure and Construction sector in Saudi Arabia under Vision 2030, there is also great potential in India-Saudi Ceramics partnership.
