New Delhi, February 4, 2025 – During his official visit to India, Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, engaged in high-level discussions with two prominent Indian ministers: Jagat Prakash Nadda, Minister of Chemicals and Fertilizers, and Union Minister of Heavy Industries, HD Kumaraswamy. The meetings were part of a broader effort to strengthen bilateral ties and explore new avenues for cooperation across several key sectors, including petrochemicals, fertilizers, pharmaceuticals, medical devices, heavy machinery, automobiles, and spare parts.
In his meeting with Minister Nadda, the two leaders emphasized the robust and longstanding relationship between Saudi Arabia and India. They explored the potential for deepening collaboration in the petrochemical and fertilizer industries, with both nations recognizing these sectors as pivotal areas for joint growth. Discussions also ventured into the burgeoning fields of pharmaceuticals and medical devices, where India expressed a strong interest in expanding cooperation. The talks centered on identifying new opportunities for investment and fostering industrial development, with both sides committed to enhancing trade relations and increasing collaborative efforts in the relevant sectors.
Minister Alkhorayef's meeting with Minister Kumaraswamy delved into the industrial integration between the two countries, focusing on the strategic role Saudi Arabia's national industrial development plans play in shaping the future of the Kingdom’s economy. A key aspect of the discussions was Saudi Arabia’s vision for the iron and steel sector, which remains a crucial part of the country's industrial growth. Alkhorayef highlighted the importance of the upcoming Saudi International Iron and Steel Conference, set to be the third annual edition of the event, which will serve as a key platform for fostering global partnerships and advancing the iron and steel industries.
Another significant focus of the discussions with Minister Kumaraswamy was enhancing bilateral cooperation in heavy machinery, automobiles, and the spare parts sector. Both sides acknowledged the importance of mutual collaboration in these industries to drive technological advancements and increase production capacity in both countries. The Indian side also expressed particular interest in exploring opportunities in magnesium ore extraction in Saudi Arabia, a vital raw material for producing refractory materials used in the iron and steel sector. This potential collaboration highlights both countries’ commitment to developing a robust industrial ecosystem, with a focus on innovative and sustainable practices.
Throughout the meetings, Minister Alkhorayef underscored Saudi Arabia’s commitment to enhancing industrial partnerships with India, in line with the Kingdom’s Vision 2030 goals of diversifying its economy and fostering global industrial leadership. As Saudi Arabia continues its efforts to strengthen its industrial base, the discussions with India’s key ministers mark a significant step forward in expanding trade and investment opportunities, ultimately benefitting both nations’ economies.
