Saudi-India trade surges to exceed SR 137 billion



Friday 28 September 2012

Last Update 28 September 2012 2:47 am


Saudi Arabia's trade with India has reached a new high with two-way commercial exchange exceeding SR 137 billion in the 2011-2012 financial year. Crude oil imports from the Kingdom form a major contribution in India's import trade basket as New Delhi set out a new vision to further broaden commercial cooperation, especially in agriculture, with renewed commitments to contribute to the global campaign to ensure food security.


This was disclosed at a roundtable press meeting organized on the sidelines of a reception on Wednesday night in Riyadh. The reception was hosted by the Indian Embassy in honor of senior visiting government officials and businessmen from India. The discussions with local newsmen focused on the progressively growing commercial relations between Riyadh and New Delhi with special reference to the participation of 38 leading companies in the Saudi Agriculture Exhibition.


The event was attended by a number of diplomats and businessmen, prominent among being Indian Ambassador Hamid Ali Rao; Ashok Warrier, first secretary at the Indian Embassy; Shamsher Singh Nayyar, general manager of Agriculture & Processed Food Products Export Development Authority of India; Pankaj Kumar, director of India's Ministry of Food Processing Industries; and J. Guna Sekaran, deputy general manager for India Trade Promotion Organization.


Sehim Mohammed Unni, regional director of Lulu Hypermarket; Shaikh Moahmmed Aziz, regional manager of Indian meat giant Al Kabeer; K. Hassan Rahim, general manager for Soroup Trading Company; and Balram Bhattacharya of Indian Herbs Specialities Co. also attended the reception.


Speaking on this occasion, Warrier said that "Saudi Arabia, once dubbed the seventh largest commercial partner until a few years back, now ranks as the fourth largest trading partner of India." The Kingdom, he said, is of enormous importance since it meets the bulk of India's energy needs. To this end, Warrier noted that Saudi exports, primarily composed of oil and petrochemicals, totaled SR 118.5 billion; while Saudi imports from India amounted to SR 21 billion during the last fiscal year.

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