By IANS,
New Delhi : India has shown interest in setting up joint ventures for gas-based fertiliser plants in Saudi Arabia with a view to boost bilateral trade and investment, Commerce and Industry Minister Anand Sharma said Friday.
“India is keen to set up joint ventures for gas-based fertiliser plant in Saudi Arabia. Indian companies have evinced keen interest in setting up of such projects,” Sharma said after meeting Saudi Arabian Minister of Commerce and Industry Abdullah bin Ahmed Zainal Alireza here.
Both sides feel the focus has shifted to investment and joint ventures for enhancing trade and services, the commerce and industry ministry said in a statement.
The two sides have agreed on regular exchange of business delegations for sensitising businessmen and exploring new trade and investment opportunities.
Emphasising on the need for enhancing bilateral trade and investment, Sharma said there was a lot of untapped potential.
India-Saudi Arabia bilateral trade increased to $21 billion in 2009-10 from $3.44 billion in 2005-06.
India’s exports to Saudi Arabia increased to $3.90 billion in 2009-10 from $1.80 billion in 2005-06. Major items of Indian exports to Saudi Arabia are petroleum products, basmati rice, non-ferrous metals, machinery and instruments, dyes/intermediary and coal tar chemicals.
On increased demand and prices of petroleum products, India’s imports from Saudi Arabia surged to $17.09 billion in 2009-10 from $1.63 billion in 2005-06. Main items of imports are petroleum products, organic chemicals, artificial resin, plastic and materials.