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India
keen to set up fertiliser plants in Saudi Arabia
Friday November 26, 2010 06:22:25 PM,
IANS
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New Delhi:
India has shown interest in setting up joint ventures for
gas-based fertiliser plants in Saudi Arabia with a view to boost
bilateral trade and investment, Commerce and Industry Minister
Anand Sharma said Friday.
"India is keen to set up joint ventures for gas-based fertiliser
plant in Saudi Arabia. Indian companies have evinced keen interest
in setting up of such projects," Sharma said after meeting Saudi
Arabian Minister of Commerce and Industry Abdullah bin Ahmed
Zainal Alireza here.
Both sides feel the focus has shifted to investment and joint
ventures for enhancing trade and services, the commerce and
industry ministry said in a statement.
The two sides have agreed on regular exchange of business
delegations for sensitising businessmen and exploring new trade
and investment opportunities.
Emphasising on the need for enhancing bilateral trade and
investment, Sharma said there was a lot of untapped potential.
India-Saudi Arabia bilateral trade increased to $21 billion in
2009-10 from $3.44 billion in 2005-06.
India's exports to Saudi Arabia increased to $3.90 billion in
2009-10 from $1.80 billion in 2005-06. Major items of Indian
exports to Saudi Arabia are petroleum products, basmati rice,
non-ferrous metals, machinery and instruments, dyes/intermediary
and coal tar chemicals.
On increased demand and prices of petroleum products, India's
imports from Saudi Arabia surged to $17.09 billion in 2009-10 from
$1.63 billion in 2005-06. Main items of imports are petroleum
products, organic chemicals, artificial resin, plastic and
materials.
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