India and Saudi Arabia deepen chemicals and petrochemicals cooperation to expand trade, investments, and logistics links.
In a major step to deepen economic and trade ties, India and Saudi Arabia have strengthened their cooperation in the chemicals and petrochemicals sector, a key driver of bilateral trade worth USD 41.88 billion. Chemicals and petrochemicals account for nearly USD 4.5 billion, making it a strategic area for collaboration between the two nations.
A high-level bilateral meeting was held between the Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilisers, Government of India, and the Ministry of Industry and Minerals of the Kingdom of Saudi Arabia. The Indian delegation was led by Nivedita Shukla Verma, while the Saudi delegation was headed by H.E. Khalil bin Ibrahim bin Salamah.
Saudi Arabia is India’s fourth-largest trade partner, while India stands as the kingdom’s second-largest trading partner. Discussions focused on investment opportunities, joint ventures, and supply chain collaborations across the chemicals and petrochemicals value chain.
Both sides acknowledged their complementary strengths: Saudi Arabia’s expertise in petrochemicals and India’s leadership in speciality chemicals. They agreed to work closely to leverage this synergy and expand collaboration through investments in Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) in India, along with potential partnerships between major industry players from both countries.
The dialogue also covered R&D initiatives and skill development, laying the foundation for a sustainable and technology-driven partnership.
This enhanced cooperation is expected to significantly boost EXIM flows and logistics activities, driving more cargo through ports and strengthening supply chains between the two nations.
Both India and Saudi Arabia reaffirmed their commitment to building a long-term, mutually beneficial partnership in the chemicals and petrochemicals sector, cementing their role as key players in global energy and trade networks.
Source: PIB
