How Are India and Saudi Arabia Enhancing Cooperation in the Chemicals and Petrochemicals Sector?
Click to start listening
Synopsis
In a significant move, India and Saudi Arabia are set to strengthen their collaboration in the chemicals and petrochemicals sector. This partnership aims to boost investments and explore new areas of cooperation, marking a crucial step in enhancing bilateral trade relations.
Key Takeaways
- India and Saudi Arabia are enhancing their cooperation in the chemicals and petrochemicals sector.
- Bilateral trade between the two countries reached $41.88 billion in 2024–25.
- Investments in PCPIRs are a key focus area.
- Research and development collaboration will be prioritized.
- Both nations aim for a mutually beneficial partnership.
New Delhi, Oct 15 (NationPress) - India and Saudi Arabia have committed to strengthening their collaboration in the chemicals and petrochemicals sector, focusing on enhancing investments and discovering new avenues for partnership, as stated in an official announcement on Wednesday.
The bilateral trade between these nations hit $41.88 billion in 2024–25, with the chemicals and petrochemicals segment accounting for 10 percent, nearly $4.5 billion.
A meeting took place between the Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilisers, and the Ministry of Industry and Minerals from the Kingdom of Saudi Arabia.
The Indian delegation was led by Nivedita Shukla Verma, Secretary of the Department of Chemicals and Petrochemicals, while the Saudi side was headed by Khalil bin Ibrahim bin Salamah, Vice Minister of Industry and Minerals.
The ministry noted that both nations recognized the complementary strengths in the chemicals and petrochemicals sectors, with Saudi Arabia excelling in petrochemicals and India specializing in speciality chemicals.
It was decided to enhance cooperation to leverage the synergy between both sides.
The discussions also covered opportunities to expand collaboration throughout the value chain of chemicals and petrochemicals, including investments in Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) in India and potential partnerships between major firms from both countries.
“It was also agreed to work together in the fields of Research and Development and skill enhancement in this sector. Both parties reaffirmed their dedication to establishing a sustainable and mutually advantageous partnership in the Chemicals and Petrochemicals sector, thereby reinforcing the strategic and economic links between India and Saudi Arabia,” the ministry stated.
Saudi Arabia ranks as India’s fourth largest trade partner, while India stands as the second largest trade partner for Saudi Arabia.
Previously, India and Saudi Arabia had also resolved to enhance bilateral cooperation in the textile sector, as per an official statement.
Point of View
The cooperation between India and Saudi Arabia in the chemicals and petrochemicals sector symbolizes a strategic alignment of interests that can lead to significant economic benefits for both countries. Such partnerships are crucial for enhancing trade relations and ensuring sustainable development.
NationPress
15/10/2025
Frequently Asked Questions
What are the main areas of cooperation between India and Saudi Arabia?
The main areas of cooperation include investments in chemicals and petrochemicals, research and development, and skill development within the sector.
How much did bilateral trade between India and Saudi Arabia reach?
Bilateral trade between India and Saudi Arabia reached $41.88 billion in the fiscal year 2024–25.
What is the significance of the chemicals and petrochemicals sector for both countries?
The chemicals and petrochemicals sector is significant as it constitutes 10% of the total bilateral trade, amounting to approximately $4.5 billion.
