New Delhi: India is keen to set up joint ventures for gas-based fertiliser plants in Saudi Arabia, the Union Commerce and Industry Minister, Mr Anand Sharma, said on Friday.
After a meeting with the Saudi Arabian Minister of Commerce and Industry, Mr Abdullah bin Ahmed Zainal Alireza, here, Mr Sharma said in a statement that, “Indian companies have evinced keen interest in setting up of such projects (gas-based fertiliser plants) in the Kingdom of Saudi Arabia.”
He added that while the trade ties are already quite substantial, there is immense potential for taking it to a higher level.
The statement said both sides felt that the focus is to be shifted to investment and joint ventures for enhancing trade in goods and services. It said an emphasis on regular exchange of business delegations would also help.
Stating that economic ties would constitute a solid foundation for the development of Indo-Saudi Strategic Partnership, Mr Sharma told his counterpart that strategies should be developed to increase the trade volume in traditional items and diversifying the trade basket.
Bilateral trade growing
India and Saudi Arabia trade has increased from $3.44 billion in 2005-06 to $21 billion in 2009-10. India's exports to Saudi Arabia have increased from $1.8 billion in 2005-06 to $3.9 billion in 2009-10. Major item of export to Saudi Arabia are petroleum products, basmati rice, non-ferrous metals, machinery and instruments, dyes/intermediary and coal tar chemicals.
Imports from Saudi Arabia have increased from $1.63 billion in 2005-06 to $17 billion in 2009-10 and the main items of imports are petroleum products, organic chemicals, artificial resin and plastic.
FDI
The foreign direct investment from Saudi Arabia during April 2000-August 2010 is to the tune of $31.59 Million. Main sectors that attracted FDI from Saudi Arabia are electrical equipments, food processing industries, automobile industry, computer software and hardware and telecommunications.
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