The Saudi Ambassador to India, Saleh Bin Eid Al-Hussaini, disclosed that the trade exchange between Saudi Arabia and the G20 countries amounted in 2022 to $421 billion.
Al-Hussaini shared this information during an interview with the Saudi Press Agency, coinciding with the visit of the Crown Prince and Prime Minister Mohammed Bin Salman to India for their participation in the G20 leaders’ summit held in New Delhi on September 9 and 10, 2023.
He highlighted that the combined economies of the G20 countries make up 85 percent of the global gross domestic product (GDP) and are home to 60 percent of the world’s population. Additionally, these countries account for 75 percent of the total volume of global trade.
Read more: A historic economic corridor between India, Europe and the Middle East
According to Al-Hussaini, Saudi and India share a robust, profound, and well-established historical relationship. He highlighted that the level of this relationship has been elevated since 2019 through the establishment of the Strategic Partnership Council, which is jointly chaired by the Saudi Crown Prince and the Indian Prime Minister.
Al-Hussaini mentioned that Saudi Arabia holds the position of India’s fourth-largest trading partner, while India stands as the Kingdom’s second-largest trading partner. He further noted that the trade volume between the two countries has experienced a significant increase, surging by 50 percent to reach $53 billion, compared to $35 billion in 2021.
Essential links
The bilateral relations between the two countries are defined by their significant role in providing essential links within the supply chains for various strategic goods and services. Specifically, Saudi Arabia plays a crucial role as a reliable source for importing oil, petrochemicals, and fertilizers. Moreover, the Kingdom holds a pivotal global position in ensuring energy security and maintaining price stability.
Vital role
Conversely, India plays a vital role in contributing to food security and serves as a significant source of foreign transfers. Al-Husseini highlighted that the Indian workforce in Saudi Arabia not only enhances the dynamics of the labor market but also fosters stronger relations between the two nations.
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