New Delhi: India and Saudi Arabia have agreed to deepen cooperation in the chemicals and petrochemicals sector, focusing on promoting investments, expanding trade, and exploring new areas of collaboration, the government said in an official statement on Wednesday.
Bilateral trade between the two nations touched $41.88 billion in 2024–25, with chemicals and petrochemicals accounting for 10% (around $4.5 billion) of the total trade.
A high-level meeting between the Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilisers (India) and the Ministry of Industry and Minerals (Saudi Arabia) was held to discuss opportunities for collaboration. The Indian delegation was led by Nivedita Shukla Verma, Secretary, Department of Chemicals and Petrochemicals, while the Saudi side was headed by Khalil bin Ibrahim bin Salamah, Vice Minister of Industry and Minerals.
Both countries recognized their respective strengths — Saudi Arabia’s expertise in petrochemicals and India’s leadership in specialty chemicals — and agreed to leverage these complementarities to strengthen industrial cooperation.
The two sides also discussed avenues for partnership across the entire chemicals and petrochemicals value chain, including investments in India’s Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) and potential tie-ups between major companies from both countries.
They further agreed to enhance collaboration in research and development (R&D) and skill development, emphasizing a shared commitment to building a sustainable and mutually beneficial partnership in the sector.
Saudi Arabia is currently India’s fourth-largest trading partner, while India ranks as Saudi Arabia’s second-largest trade partner.
Earlier, both countries had also agreed to expand cooperation in the textile sector, further strengthening their growing economic partnership.
