India eyes closer cooperation in pharmaceuticals, ceramics with Saudi Arabia
Goyal held separate discussions with Saudi Arabia's Economy and Planning Minister Faisal bin Fadel Al-Ibrahim and Investment Minister Khalid Al-Falih to explore ways to deepen trade and investment ties.
His meeting with Al-Ibrahim focused 'on enhancing our trade & investment partnership and collaborating in key sectors' like pharmaceuticals, petroleum, and ceramics, while his conversation with Al-Falih centered on mutual growth, innovation, and long-term collaboration, Goyal wrote on X.
'We are confident of exciting growth prospects ahead for both nations,' he added.
In 2023–24, bilateral trade between India and Saudi Arabia reached nearly $43 billion, making India the Kingdom's second-largest trading partner. Saudi Arabia, in turn, is India's fifth-largest trading partner. Energy trade accounts for a major share, with Saudi Arabia being the third-largest source of India's crude oil, petroleum, and LPG imports, valued at $25.7 billion in the last fiscal year.
India's cumulative investment in Saudi Arabia reached $4 billion in 2023, marking a 39 percent increase from $2.39 billion in 2022.
The two countries have been in regular talks to deepen their strategic partnership.
During Indian Prime Minister Narendra Modi's visit to Jeddah in April 2024, 'both sides reaffirmed the strong commitment to advance economic and investment partnership,' Indian Ambassador to Saudi Arabia, Suhel Ajaz Khan, told Arab News on Friday.
He noted that India's pharmaceutical and ceramics sectors, in particular, have the potential to contribute meaningfully to Saudi Arabia's Vision 2030 transformation initiative.
NEW PARTNERSHIPS
India is the world's third-largest drug producer by volume, after the US and China, and accounts for over 20 percent of the global supply of generic medicines. New Delhi is looking to boost exports to the Kingdom and enter into new partnerships in the pharmaceutical space.
'With annual pharmaceutical exports exceeding $30 billion, Indian pharmaceutical companies play a vital role in ensuring affordable and reliable health care across the globe. The Kingdom of Saudi Arabia currently accounts for only about $200 million of India's pharmaceutical exports — a relatively small share that underscores significant untapped potential,' Ambassador Khan said.
'As KSA pursues the goals of Vision 2030, which include building domestic manufacturing capacity, fostering knowledge-based industries, and ensuring health care security, the Indian pharmaceutical sector stands out as a natural strategic partner.'
India is also the world's second-largest ceramics producer and the top global exporter of ceramic tiles. The government is looking to leverage this advantage in sectors such as construction and infrastructure.
'Indian ceramics are widely recognized for their quality, cost-efficiency, and manufacturing scale, particularly in segments such as tiles, sanitaryware, and refractories,' Khan said.
'Given the Kingdom of Saudi Arabia's growing infrastructure, construction, and industrial development needs under Vision 2030, deeper cooperation with India's ceramic sector holds significant potential.'
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