JEDDAH: 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.
