New Delhi: India on Wednesday expressed keen interest in participating in the petroleum and gas sectors in Saudi Arabia, including upstream and downstream.
In return, it has invited Saudi Arabia to invest in the Indian petroleum and gas-based mega industrial estates, fertilisers, petrochemical plants and refineries.
Stating this during a meeting with his Saudi Arabian counterpart Dr Tawfiq bin Fawzan Al-Rabiah, the Commerce and Industry Minister, Mr Anand Sharma, observed that the focus of the two countries should now be on investment and joint ventures to enhance bilateral trade and services.
Mr Sharma also said the two sides have to develop strategies to increase the trade volume in traditional items and diversify the trade basket.
He noted that both countries have pledged to elevate the current buyer-seller relationship into one of strategic energy co-operation.
Ease visa rules
Earlier in the day, speaking at a FICCI function, the Saudi Arabian Commerce and Industry Minister sought an easing of visa rules by India to facilitate greater movement of people between the two countries and to help boost bilateral ties.
Dr Al-Rabiah, who is accompanied by a 35-member business delegation, said there was “huge potential” for more trade with India and enhanced bilateral engagement in sectors such as information technology, infrastructure, and education.
The bilateral trade increased from $15.9 billion in 2006-07 to $25.6 billion in 2010-11.
Exports, imports
The exports to Saudi Arabia have doubled from $2.6 billion in 2006-07 to $5.2 billion in 2010-11. The main items of export to Saudi Arabia are petroleum, basmati rice, dyes, machinery and instruments, iron and steel. Imports from Saudi Arabia have jumped from $13.35 billion in 2006-07 to $20.4 billion in 2010-11. The major items of imports are petroleum, chemicals, artificial resin and plastics. India imports almost a quarter of its crude oil requirements from Saudi Arabia.
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