- India-Saudi cooperation to grow in the chemicals and petrochemicals sectors.
- Investment, R&D, and skill development collaboration agreed for mutual benefits.
- Trade ties strengthened; partnership also expanded to textiles industry opportunities.
An official announcement revealed that India and Saudi Arabia have decided to enhance their cooperation in the chemicals and petrochemicals industry, promoting investments and exploring new partnership opportunities. Trade between the two countries reached $41.88 billion in 2024-25, with chemicals and petrochemicals making up 10 percent, roughly $4.5 billion.
A bilateral discussion took place involving the Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilisers, and the Ministry of Industry and Minerals from the Kingdom of Saudi Arabia.
Nivedita Shukla Verma, Secretary of the Department of Chemicals and Petrochemicals, led the Indian delegation. Khalil bin Ibrahim bin Salamah, the Vice Minister of Industry and Minerals, headed the Saudi team.
The ministry stated that both parties recognized the complementary aspects of the chemical sectors and petrochemical sectors between the two nations, with Saudi Arabia excelling in petrochemicals and India in specialty chemicals. It was decided to increase collaboration to capitalize on the synergy between both parties.
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Both parties also explored ways to enhance collaboration throughout the value chain of chemicals and petrochemicals, including investments in India’s Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) and possible partnerships between significant companies from both nations.
"Collaboration in Research and Development and skill enhancement in the sector was also agreed upon." The ministry stated, "Both parties reiterated their dedication to establishing a sustainable and mutually advantageous partnership in the Chemicals and Petrochemicals sector, enhancing the strategic and economic connections between India and Saudi Arabia."
India is the fourth largest trade partner of Saudi Arabia, while Saudi Arabia ranks as India's second largest trade partner. India and Saudi Arabia agreed to enhance cooperation in the textile industry, as stated in an official announcement.