Monday, Aug 10, 2020 | Last Update : 02:55 AM IST

139th Day Of Lockdown

Maharashtra51533235171017757 Tamil Nadu2969012386384927 Andhra Pradesh2278601387122036 Karnataka178087939083198 Delhi1454271305874111 Uttar Pradesh122609726502069 West Bengal95554671202059 Bihar7972051315429 Telangana7949555999627 Gujarat71064542382652 Assam5883842326145 Rajasthan5249738235789 Odisha4592731785321 Haryana4163534781483 Madhya Pradesh3902529020996 Kerala3433121832109 Jammu and Kashmir2489717003472 Punjab2390315319586 Jharkhand185168998177 Chhatisgarh12148880996 Uttarakhand96326134125 Goa871259575 Tripura6161417641 Puducherry5382320187 Manipur3752204411 Himachal Pradesh3371218114 Nagaland27819048 Arunachal Pradesh215514823 Chandigarh151590425 Meghalaya10624906 Sikkim8664971 Mizoram6082980
  Business   In Other News  21 Feb 2019  India, Saudi need to explore opportunities in new products, biz: Prabhu

India, Saudi need to explore opportunities in new products, biz: Prabhu

PTI
Published : Feb 21, 2019, 2:16 pm IST
Updated : Feb 21, 2019, 2:16 pm IST

Ways to increase trade and investments were discussed during a meeting between Prabhu and the Saudi delegation led by Kamel Al-Munajjed.

He said that opportunities are endless for both the countries to collaborate and work together in new regions like Africa. (Photo: File)
 He said that opportunities are endless for both the countries to collaborate and work together in new regions like Africa. (Photo: File)

New Delhi: India and Saudi Arabia need to explore opportunities in new products, businesses and regions to boost trade and investment ties between the countries, Commerce and Industry Minster Suresh Prabhu said Wednesday.

Ways to increase trade and investments were discussed during a meeting between Prabhu and the Saudi delegation, which was led by Kamel Al-Munajjed, Chairman of Saudi Indian Business Council.

 

"India's energy security is ensured due to the continuous and uninterrupted supply of petroleum products from Saudi Arabia. But now it is time for both the countries to go beyond petroleum and diversify into new products, businesses and regions," Prabhu said in a statement.

He said that opportunities are endless for both the countries to collaborate and work together in new regions like Africa.

"Both Saudi Arabia and India have to now look beyond the Gulf region and explore new markets," he said.

He also informed that India is looking to invest in Saudi Arabia.

"For this eight working groups have been set-up to identify companies in Saudi Arabia and India who can work together," he added.

 

Saudi Arabia is India's fourth largest trade partner after China, the US and Japan and is a major source of energy.

India imports around 17 per cent of its crude oil requirement from the Kingdom.

In 2017-18, the bilateral trade has increased by 9.56 per cent to USD 27.48 billion.

Saudi Arabia is the 15th largest market in the world for Indian exports and is destination to 1.85 per cent (2017-18) of India's global exports.

Tags: exports, imports, suresh prabhu, commerce minister, commerce ministry