A high-level meeting recently convened between the Department of Chemicals & Petrochemicals, under India’s Ministry of Chemicals and Fertilizers, and the Ministry of Industry and Minerals of Saudi Arabia, signaling a deepening of economic ties. Ms. Nivedita Shukla Verma, Secretary of the Department of Chemicals & Petrochemicals, led the Indian delegation, while H.E Eng. Khalil bin Ibrahim bin Salamah, Vice Minister of Industry and Minerals, headed the Saudi contingent.
Currently, Saudi Arabia ranks as India’s fourth-largest trade partner, with India holding the position of Saudi Arabia’s second-largest trade partner. The bilateral trade volume between the two nations reached an impressive USD 41.88 billion in 2024–25. The chemicals and petrochemicals sector constitutes a significant 10% of this trade, amounting to approximately USD 4.5 billion.
The discussions centered on bolstering bilateral cooperation through increased investments and identifying novel collaborative opportunities within the chemicals and petrochemicals domain.
Both parties recognized the synergistic potential within their respective chemicals and petrochemicals sectors. Saudi Arabia boasts strength in petrochemicals, whereas India excels in specialty chemicals. They concurred on enhancing cooperation to effectively harness these complementary strengths.
Opportunities for amplified collaboration across the chemicals and petrochemicals value chain were explored, encompassing investments in India’s Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs). Potential alliances between major companies from both countries were also discussed.
Furthermore, both sides agreed to foster collaboration in Research & Development and skill development within the sector.
Both delegations affirmed their dedication to cultivating a sustainable and mutually advantageous partnership within the chemicals and petrochemicals sector. This commitment aims to further solidify the strategic and economic bonds between India and Saudi Arabia.
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