An agreement was signed at the Asharqia Chamber to export over 100,00 tons of agricultural and industrial sulfur to India and East Asian countries annually, as bilateral investments between the two countries surge to $24 billion.
The petrochemicals trade volume is anticipated to hit $9.13 billion, with an additional $1.03 billion reserved for agricultural petrochemicals and fertilizers.
Amid this robust partnership, both nations anticipate their investments and trade exchange to soar to $100 billion within the next five years.
The signing ceremony was attended by Abdulaziz Al-Shuaibi, director of the Industry Ministry’s Eastern Province branch.
The General Authority of Statistics’ international trade report for the second quarter highlighted India as the Kingdom’s third-largest trading partner, after China and Japan, with exports totaling SR26.8 billion.
The trade relationship involves Saudi Arabia importing a range of commodities from India, spanning engineering goods, rice, petroleum products, chemicals, textiles, raw sugar and ceramic tiles.
On the other hand, Saudi Arabia exports crude oil, liquefied petroleum gas, fertilizers, chemicals and plastic.
The bilateral trade relations have also spurred investments between the two nations.
Saudi Arabia’s Public Investment Fund holds a 2.32 percent stake in Reliance Jio Platforms valued at $1.5 billion and a 2.04 percent stake in Reliance Retail Ventures Ltd. valued at $1.3 billion, according to the Indian Embassy in Riyadh.—AN