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India-Saudi Arabia Bilateral Relations


India-Saudi Arabia Economic & Commercial Brief

Introduction: India and Saudi Arabia enjoy multifaceted relations reflecting the centuries old economic and socio-cultural ties. India and Saudi Arabia are old business partners; their trade relations go back several centuries in time. Today, the bilateral business ties are being steadily expanded and further strengthened by continuous interaction and cooperation, including regular exchange of business delegations. Besides being a major trade partner, India sees the Kingdom as a major pillar for its energy security and an important economic partner for investments, joint ventures, transfer of technology projects.

Indian Community in Saudi Arabia: The Indian community in Saudi Arabia numbers at more than 2.4 million and is a living bridge between the two countries. Indian diaspora is widely respected in the Kingdom for their contributions in the development of Saudi Arabia. The contributions made by the Indian community to the development of Saudi Arabia are well acknowledged.


Trade: Saudi Arabia is India’s fourth largest trade partner and India is Saudi Arabia’s second largest trade partner. During FY 2022-23, India’s imports from Saudi Arabia reached US $42.03billion and exports to Saudi Arabia were worth US$ 10.72 billion registering an increase of 22.48% over last year (FY 2021-22). Total trade with Saudi Arabia accounted for 4.53% of India’s total trade in FY 2022-23.























%Share  in India’s total exports





















%Share in India’s total imports




















[Source: Department of Commerce, Govt. of India]


Main Indian exports and imports: Major commodities of export from India to Saudi Arabia include engineering goods, rice, petroleum products, chemicals, textiles, food products, ceramic tiles. Whereas, major commodities of import for India from Saudi Arabia are crude oil, LPG, fertilizers, chemicals, plastic and products thereof etc.



Indian investments in Saudi Arabia: Indian investments in the Kingdom of Saudi Arabia have spiked in the recent years and have reached approximately USD 3 Billion (August 2023). These investments are dispersed in diverse sectors such as management and consultancy services, construction projects, telecommunications, information technology, financial services and software development, pharmaceuticals, etc. Major Indian companies and corporate groups such as L&T, TATA, Wipro, TCS, TCIL, Shapoorji & Pallonji, Air India, Go Air, Indigo, and SpiceJet etc. have established a robust presence in Saudi Arabia.


Saudi Investments in India: Saudi Arabia is the 19th largest investor in India with investments amounting to $3.22 billion (June 2023). Major investments include PIF’s investments in Reliance Jio Platforms ($1.5 billion to acquire a 2.32% stake) and Reliance Retail Ventures Limited ($1.3 billion to acquire a 2.04% stake). Further, Saudi Agricultural & Livestock Investment Company (SALIC) has acquired a 33% stake in Daawat Foods Limited through its subsidiary United Farmers Investment Company, for a value of $17.23 million. Additionally, in July 2021, PIF invested in India-based healthtech Healthifyme’s $75 million Series C funding round, indicating a growing appetite for the Kingdom’s sovereign wealth fund to invest in sunrise sectors. Apart from PIF, major investment groups from the Kingdom include ARAMCO, SABIC, and ZAMIL. Soft Bank’s ‘Vision Fund’ has invested in several Indian Start-ups such as Delhivery, FirstCry, Grofers, Ola, OYO, Paytm and PolicyBazaar. SABIC has invested over $ 100 million in its technology and innovation Centre in Bengaluru, one of the largest investments in India by a Saudi company.


Major Indian Companies in KSA: Major Indian companies operating in KSA include Larsen & Toubro (L&T); Tata Consultancy Service(TCS); Telecommunication Consultancy India Ltd.(TCIL); Tata Motors; WIPRO; Dayim Punj Llyod; Shapoorji Pallonji; Infosys; Air India; Godrej & Boyce; Jet Airways; State Bank of India; AFCONS; Kalptaru Power Transmission; Engineering Projects of India Limited (EPIL) etc.
Economic Cooperation India is the second largest trade partner for Saudi Arabia whereas Saudi Arabia is India’s fourth largest trading partner. During FY 2022-23 bilateral trade was valued at US$ 52.76 billion. During this period, India’s imports from Saudi Arabia grew by 23.47% to reach US$ 42.03 billion and exports to Saudi Arabia were worth US$ 10.72 billion registering an increase of 22.48% on year-on-year basis. Total trade with Saudi Arabia accounted for 4.53% of India’s total trade in FY 2022-23.


There are around 2,783 Indian companies registered as joint ventures/100% owned entities with investments worth approximately US$ 3 Billion in the Kingdom (August 2023). Major Indian companies and corporate groups such as L&T, TATA, Wipro, TCS, TCIL, Shapoorji & Pallonji, etc. have established a strong presence in Saudi Arabia.


In June 2020, Saudi Arabia's Public Investment Fund (PIF) announced a US$ 1.49 billion (2.32% stake) investment in Reliance Industries’ Jio Platforms, and in November 2020, PIF announced another investment of US$ 1.3 billion (2.04% stake) in Reliance Retail Ventures Limited. In the food sector, in May 2020, Saudi Agricultural and Livestock Investment Company (SALIC) acquired a 29.91% stake in Daawat Foods Ltd. with an investment of US$ 17.23 million. In July 2021, PIF invested in India-based healthtech Healthifyme's US$ 75 million Series C funding round.


Other proposed major investments include the US$ 44 billion ‘West Coast Refinery & Petrochemicals Project’ in Maharashtra, which is being jointly built by Saudi Aramco, Abu Dhabi National Oil Company, and an Indian consortium, which includes Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation. In the renewable energy sector, Saudi Company Al-Fanar has invested in 600MW Wind Power projects in India.

Recent visits and events:

  • The then Finance Minister Mr. P. Chidambaram led a high level official delegation to Riyadh from January 27-28, 2014 to co-chair the 10th India-Saudi Joint Commission Meeting (JCM).
  • 33 Indian companies under Plastic Export Promotion Council (Plexconcil) participated in the ‘Saudi Plastics & Petrochem and Print & Pack’ (Saudi PPPP 2014) International Exhibition held from 17-20 February, 2014 in Riyadh. The Embassy organized a B2B interaction between visiting Indian delegation and Saudi businessmen.


  • Shri Sam Pitroda, Adviser to the Prime Minister of India visited Saudi Arabia to participate in the Conference entitled "Knowledge based Economy and its Role in National Development" held in Riyadh from April 24-25, 2014.


  • A 25 member delegation participated in the Saudi Energy Show 2014 under EEPC banner from May 26-28, 2014. The Mission, under the aegis of SIBN organized a B2B interactive session at the Embassy on 27.05.2014.


  • 52 Indian companies under India Trade Promotion Organization (ITPO), Agricultural and Processed Food Products Export Development Authority (APEDA) and Tea Board of India participated in the Saudi Agro Food Exhibition from September 7-10, 2014. The Mission organized an event focusing on “Agro & Food Processing Industries” in India and a B2B interactive session on September 8, 2014 at the Embassy premises.


  • Coinciding with the launch of “Make in India” Campaign by the Prime Minster Mr. Narendra Modi in New Delhi, the Embassy of India, Riyadh under the aegis of Saudi India Business Network (SIBN), organized an event at the Embassy premises on 25th September, 2014. Ambassador in his opening remarks highlighted the major initiatives of the Government to make India an investment and manufacturing destination. H.E. Kamel S. Al Munajjed the Saudi co-chair of Saudi Indian Business Council also spoke at the event and underlined the fast changing business environment in India. The event was attended by around 100 Saudi and Indian investors and businessmen. A brochure on “Make in India” and “India – An Investment Destination” was published by this Mission and distributed among the participants.


  • H.E. Mr. Dharmendra Pradhan, MOS (IC) for P&NG, accompanied by a high level delegation, including Chairmen of IOL, GAIL & HPCL, visited Saudi Arabia from October 27-29, 2014 to co-chair the 2nd Round of India-Saudi Arabia Energy Consultations held in Riyadh. The Minister also had meetings with the Chairman and CEO of Saudi Basic Industries Corporation (SABIC) and the President of King Abdulla City for Atomic and Renewable Energy (K.A.CARE) during the visit. The delegation also visited Saudi Arabian Oil Company (Saudi Aramco) in Dhahran and had an interactive session with Saudi businessmen at Asharqia Chambers of Commerce, Dammam.
  • Gem & Jewellery Export Promotion Council (GJEPC) organized a Road Show at Hotel Marriot, Riyadh on 04.01.2015.


  • H.E. Mr. Tawfiq Al-Rabiah, Minister of Commerce and Industry, Kingdom of Saudi Arabia inaugurated the 4th GCC-India Industrial Forum at King Abdullah Economic City (KAEC), Jeddah.  The Indian official delegation was led by Ms. Ravneet Kaur, JS, DIPP.


  • A large number of Indian companies participated in Saudi Plastic & Petrochem, Saudi Print & Pack (Saudi PPPP) Exhibition held at Jeddah from 1-3 March, 2015.
  • Two Indian companies participated in Saudi Health Exhibition and Conference held at Riyadh in May, 2015.


  • Embassy of India, Riyadh, in association with Asharqia Chamber of Commerce & Industry, Dammam, organized a multi-product Indian catalogue exhibition at the premises of the Chamber on May 13, 2015.


  • Seven Indian companies participated in the Saudi Agro Food, Saudi Food Pack International Exhibition held in Riyadh from 11-14 October, 2015.


  • Four Indian companies participated in the ‘Saudi Build International Exhibition’ held in Riyadh from 26-29 October, 2015.


  • This Mission, in association with Al Ahsa Chamber of Commerce & Industry, Hofuf, Al Ahsa organized a multi-product Indian catalogue exhibition at the premises of the Chamber on October 28, 2015.


  • Over 50 Indian companies from Agro- food sector under ITPO and APEDA participated in the Foodex International Exhibition held at Jeddah from November 17-20, 2015.


  • Central Cottage Industries Corporation India Ltd. participated in the Jeddah International Trade Fair held in Jeddah from December 22-25, 2015.


  • An 8 member official Indian delegation led by Mr. V.K. Jindal, Advisor, DEA, MoF visited Riyadh to for the 11th JCM Review Meeting held in Riyadh on 29th December, 2015.


  • About 50 major Indian companies from plastic and allied industries, under ‘Plastics Export Promotion Council’ (PLEXCONCIL), participated in the Saudi Plastics & Petrochem/ Print Pack (SAUDI PPPP) exhibition held at Riyadh from 18-21 January 2016. Coinciding with the event, this Mission in association with Riyadh Chamber of Commerce & Industry organized a B2B interactive meeting of Indian companies with Saudi businessmen at the premises of the Chamber on 19.01.2016 which was attended by a large number of Saudi businessmen.


  • Nine Indian companies under Automotive Component Manufacturers Association of India (ACMA) participated in the Automechanika" Jeddah Show 2016 from 26-28 January 2016.


  • A Joint delegation comprising of representatives from Indian Oil PSUs (IOCL, BPCL, HPCL & MRPL) visited Saudi Aramco headquarters at Dhahran on February 04, 2016 for negotiations on better commercial and supply terms for oil requirements.


  • Over 70 Indian companies under Confederation of Indian Industries (CII) participated in “The Big 5 Saudi” International Building and Construction Show held in Jeddah from 7-10 March, 2016.


  • The India Saudi Arabia bilateral relation received a major fillip with the visit of Hon’ble Prime Minister to the Kingdom from April 2-3, 2016. During the visit the Hon’ble PM, in addition to his meetings with top Saudi leadership, had an interactive business event at the Council of Saudi Chambers in Riyadh which was attended by top Saudi businessmen and investors along with many Indian business honchos.


  • Within a fortnight of the highly successful visit of the Hon’ble Prime Minister, Shri Dharmendra Pradhan, MOS (IC), P&NG, led a high level delegation of senior government officials and Chairman/CMD of Indian oil and gas PSUs to Saudi Arabia on 14.04.2016 and held several high level meetings to follow up on the deliberations during the PM Visit.
  • A Food & Agri-products Indian Business Delegation comprising 20 companies under the banner of Trade Promotion Council of India (TPCI) (an apex trade and investment promotion organization recognized and supported by the Department of Commerce, Government of India) visited Jeddah on 23 November 2023 for a Road show.


  • A Multi-Product Indian Business Delegation (comprising 27 Indian companies) under the banner of Federation of Indian Export Organizations (FIEO) visited Jeddah on 21st November 2023 (Tuesday) for a Road Show at Jeddah Chamber of Commerce.


Ministerial Visits to the Kingdom during 2018-2024

Visitor Date Agenda
Shri D Sridhar Babu, Hon’ble Minister of ITE&C, I & C, Government of Telangana Jan 20-21, 2024 Invest Telangana Road Show
Smt. Smriti Irani, Minister of Minority Affairs & Minister of Women and Child Development  Jan 06-08, 2024 Business community interaction
Shri Piyush Goyal, Hon’ble CIM Oct 24-25, 2023 Attended 7th edition of FII Summit, 2023
Shri R.K Singh Octt 8-9, 2023 Attended  MENA Climate Week 2023
Shri Shripad Yesso Naik Sep 26-29, 2023 Attended World Tourism Day
Meeting with Minister of Tourism 
Shri V. Muraleedharan April 25-29, 2023 Meetings with Vice Minister of Foreign Affairs and Deputy Minister for International Affairs and Deputy Minister for Skills and Training 
May 01 -03 , 2023
Shri S. Jaishankar September 10-11, 2022 Ministerial meeting of PSSC Committee of SPC
Shri Mansukh Mandviya 25-Aug-22 Signing of Long Term MoUs with SABIC & Maaden
Shri. Bhupender Yadav, MoEF &CC October 24-25, 2021 Middle East Green Initiative
Shri. Suresh Prabhu, G-20 Sherpa March 11-12, 2020 G-20 Sherpa meeting & Meetings with Head of SIDF, SALIC, SAGIA
December 4-5, 2019
Mrs. Nirmala Sitharaman MoS (IC) Commerce  February 22-23, 2020 G-20 Ministerial meeting
Shri. Dharmendra Pradhan Minister of Petroleum, Natural Gas & Steel 8-Sep-19 Bilateral meeting with Saudi Energy Minister and CEO of PIF
Shri Amitabh Kant, CEO, Niti Aayog February 16-18, 2019 Bilateral visit on NITI- SCISP Dialogue
Shri. Arun Jaitley, Minister of Finance February 18-19, 2018 India-Saudi Arabia 12th JCM


Saudi Business delegations to India:

  • A 6 member technical team from Saudi Food and Drug Authority (SFDA) visited India to inspect Indian meat processing plants from January 27 – February 4, 2014.


  • A 4 member delegation led by H.E. Dr. Khalid Bin Mohammed Al Fuhaid, Deputy Minister of Agriculture visited India to participate in the Asia-Africa Agribusiness Forum held from February 4-6, 2014, in New Delhi.


  • H.E. Dr. Tawfiq Fawzan Al Rabiah, Minister of Commerce and Industry, Kingdom of Saudi Arabia led high profile delegation to participate in the 4th India-Arab Partnership Conference held in New Delhi on November 26-27, 2014. Over 100 delegates from 16 Arab countries including government officials, business leaders and investors participated in the Conference.


  • Dr. Abdullah Al Obaid, Deputy Minister for Foreign Trade, Kingdom of Saudi Arabia led a high level delegation from Saudi Arabia to the 10th JCM review meeting held in New Delhi on January 14, 2015.


  • Saudi Commerce & Industries Minister H.E. Dr. Tawfiq Al-Rabiah visited India to co-chair the 11th India Saudi Arabia Joint Commission Meeting which was held in New Delhi from May 27-28, 2015.  The JCM was co-chaired by Shri Arun Jaitley, Minister of Finance from the Indian side. The JCM focused on further strengthening economic, trade and investment ties and stressed on the need for friendship and cooperation between the two countries. The Indian side highlighted the investment opportunities under Prime Minister’s 'Make in India' initiative and welcomed investment from Saudi Arabia under this initiative.


  • A seven member Saudi delegation led by H.E. Mr. Naif Al Otaibi, Deputy Minister for Petroleum Affairs, Kingdom of Saudi Arabia visited India from October 15-16, 2015 and met Commerce Secretary and DGAD officials in connection with anti-dumping investigations against Saudi exports to India.


  • Two officials from Ministry of Agriculture, Kingdom of Saudi Arabia participated as delegates in the 5th Global Economic Summit on ‘Enabling Food for All’ held at World Trade Centre (STC), Mumbai from November 19 -21, 2015.


  • Saudi Export Development Authority (SEDA) delegation led by Saudi Deputy Minister for Industrial Affairs visited India from 7-11 December, 2015 to explore opportunities to promote non-oil Saudi exports to India.


  • A 40 member strong delegation of top Saudi businessmen visited India for participating in the Saudi India Business Council meeting organized by FICCI from December 13-18, 2015 in New Delhi and Bengaluru.


  • Subsequent to a visit of a technical team from Ministry of Agriculture, Kingdom of Saudi Arabia for inspection of testing laboratories, pack houses and green chili production areas in India in October 2015, Saudi Arabia lifted the temporary ban on import of green chili from India with effect from January 2016.


  • A technical delegation from Gulf Standardization Organization (GSO) visited India in April 2016, to inspect Harley Davidson and Royal Enfield motorcycle manufacturing facilities regarding homologation requirements for export of two wheelers to GCC countries. In its two visits to India in 2015, the GSO delegation visited Honda, Bajaj, Suzuki facilities and met delegations from Department of Commerce and the Society of Indian Automobile Manufacturers (SIAM) in Pune and New Delhi.


  • A Saudi business delegation attended the International Exhibition for Phama and Healthcare (IPEX-2016) held in Mumbai from 27-29 April, 2016. An official from Saudi Food & Drug Authority visited Cipla Ltd. in Pune and Goa, to conduct GMP inspection from 30.05.2016 to 03.06.2016.


  • A four member delegation from Saudi Food & Drug Authority (SFDA) visited India in end May 2016 to audit, analyse and inspect procedures for export of food products through Agriculture and Processed Food Export Development Authority (APEDA).


  • Hon’ble Minister of Commerce & Industries and Textiles and Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal, visited the Kingdom on September 18-19, 2022. During the visit, the Hon’ble Minister co-chaired the inaugural Ministerial meeting of the Economic and Investments Committee, along with the Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud. In addition, he also met the Saudi Minister of Commerce, Majid bin Abdullah Al Qasabi. He also held detailed discussions on avenues of commercial cooperation with the heads of Royal Commission for Riyadh City (RCRC), Saudi Exim bank and with prominent business persons in the Kingdom.


  • Hon’ble Minister of State for Tourism and Ports, Shipping and Waterways of India, Shri Shripad Yesso Naik, visited the Kingdom on September 27-29, 2023 to attend the World Tourism Day 2023 celebrations organised by the UNWTO and the Saudi Ministry of Tourism in Riyadh. He also had interactions with Saudi Minister of Tourism during the visit.


  • Hon’ble Minister of Power and New & Renewable Energy, Shri Raj Kumar Singh, visited the Kingdom on October 8-9, 2023 to participate in the Middle East North Africa Climate Week 2023 at an invitation from the Saudi Minister of Energy,H.R.H. Prince Abdulaziz bin Salman Al-Saud. The Hon’ble Minister also met with the Saudi Minister of Energy and later held bilateral discussions with the Saudi Minister of Investment, Khalid Al-Falih. During the visit, the two sides signed an MoU in the field of Electrical Interconnection, Green/Clean Hydrogen and Supply Chains.


  • Hon’ble Minister of Commerce & Industries and Textiles and Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal, visited the Kingdom on October 24-25, 2023 to participate in the 7th edition of Future Investment Initiative Forum 2023. During the visit, the Hon’ble Minister met with the Saudi Minister of Energy, Minister of Investment, Minister of Industry & Mineral Resources, and Minister of Commerce. He also met with several industry and business leaders.


  • Saudi Minister of Energy visits India: On October 21, 2022, Saudi Minister of Energy Prince Abdulaziz bin Salman, who's also the Chairman of the Ministerial Committee for Economy and Investment in India-Saudi Arabia Strategic Partnership Council, paid a visit to India. During the visit, Prince Abdulaziz held meetings with the Hon’ble Minister of Commerce and Industry, Shri Piyush Goyal; Hon’ble Minister of Petroleum, Shri Hardeep Singh Puri; Hon’ble Minister of Power, Shri Raj Kumar Singh, and a number of leaders of the Indian business sector.


  • During India’s Presidency of the G20, following Saudi ministers have visited India for the sectoral meetings and have also held bilateral meetings with their counterparts on the sidelines:

Minister of Finance, Mohammed Al-Jadaan in December 2022, February 2023, July 2023 and August 2023,

Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah bin Al Saud in March       2023,

            Minister of Tourism, Ahmed bin Aqil al-Khateeb in June 2023,

            Minister of Education, Yousef bin Abdullah Al-Benyan in June 2023,

            Minister of Environment, Water and Agriculture, Abdulrahman bin Abdulmohsen     Al-            Fadhli in June 2023,

            Minister of Human Resources and Social Development, Ahmad bin Sulaiman AlRajhi in July 2023,

            Minister of Energy Prince Abdulaziz bin Salman Al-Saud in July, 2023,

            Minister of Health Fahd bin Abdurrahman Al-Jalajel in August, 2023,

            Minister of Communications and Information Technology Abdullah Alswaha in             August, 2023,

            Minister of Commerce Majid bin Abdullah Al Qasabi in August, 2023

            President of the Saudi Shura Council, Dr. Abdullah Mohammed Ibrahim Al-    Sheikh,             visited India in October 2023 to participate in the G20     Parliamentary Speakers’             Summit.


  • Around 40 Saudi business delegates articipated in the IndusFood, Food and Beverages (F&B) exhibition held at the India Exposition Mart, Greater Noida, India during 08-10 January 2024.