Saudi Arabia and India Enhance Economic Ties with Focus on Non-Oil Exports

KSA, 30 August, 2024 : Economic ties between Saudi Arabia and India are thriving, with India now Saudi Arabia's second-largest trading partner and Saudi Arabia ranking fourth among India’s trading partners. This growth reflects the deep historical connections between the two nations.

The strategic partnership was further solidified during Crown Prince Mohammed bin Salman's 2019 visit to India, leading to the creation of the Saudi-Indian Strategic Partnership Council. This council, co-chaired by the Crown Prince and the Indian Prime Minister, fosters cooperation across various sectors.

To boost Saudi non-oil exports to India, the Saudi Export Development Authority (Saudi Exports) is actively promoting Saudi products. The authority is participating in international exhibitions, including the "Made in Saudi" pavilion at Anuga India 2024 in Mumbai, showcasing 25 leading Saudi food companies.

Saudi Exports' participation highlights the sector's significant role in non-oil exports, which exceeded SAR 19 billion in 2023. The Kingdom is a major global exporter of high-quality dates and white Vannamei shrimp. The authority also supports exporters by providing market insights, organizing training, and addressing trade challenges.

In 2023, Saudi non-oil exports to India surpassed SAR 23 billion, with chemicals, plastics, and precious stones being key contributors. Over the past five years, Saudi Arabia’s non-oil exports to India totaled around SAR 100 billion, demonstrating the robust performance of Saudi products in the Indian market.

Source : www.zawya.com