Indian Economy News

India and Saudi Arabia Strengthen Cooperation in Chemicals and Petrochemicals Sector

India and Saudi Arabia have agreed to deepen collaboration in the chemicals and petrochemicals sector, following a bilateral meeting between the Department of Chemicals & Petrochemicals, Ministry of Chemicals and Fertilizers, Government of India, and the Ministry of Industry and Minerals, Kingdom of Saudi Arabia. The Indian delegation was led by the Secretary, Department of Chemicals & Petrochemicals, Ms. Nivedita Shukla Verma. At the same time, the Saudi side was headed by the Vice Minister of Industry and Minerals, Mr. Khalil bin Ibrahim bin Salamah. Both sides recognised the strong trade relationship, Saudi Arabia is India’s fourth-largest trade partner, while India is Saudi Arabia’s second-largest. Bilateral trade stood at Rs. 3,68,795 crore (US$ 41.88 billion) in 2024-25, with the chemicals and petrochemicals segment contributing Rs. 39,627 crore (US$ 4.5 billion).
The meeting explored ways to enhance investment opportunities and strengthen value-chain linkages across the sector. Both sides acknowledged their complementary strengths, Saudi Arabia’s dominance in petrochemicals and India’s expertise in speciality chemicals, and agreed to harness this synergy through joint investments in Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs), as well as potential partnerships between leading industry players. The discussions also covered collaboration in research, development, and skill enhancement, with a shared commitment to building a sustainable, innovation-driven, and mutually beneficial partnership. The engagement marks another step towards deepening the strategic and economic ties between India and Saudi Arabia.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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