India-Saudi trade touches $26 billion; new investments, JVs eyed

India and Saudi Arabia have decided to consolidate bilateral trade relations as the two embark on a strategic partnership to further boost bilateral investment and trade.

Trade between India and Saudi Arabia has already touched $25.61 billion and the two are looking to further improve bilateral relations through investments and joint ventures, minister of commerce, industry and textiles, Anand Sharma, said today.

Sharma was speaking after a meeting with his Saudi counterpart Dr Tawfiq Bin Fawzan Al-Rabiah in the capital today.

''The economic ties between India and Saudi Arabia would constitute a very solid foundation for the development of strategic partnership. While the trade ties at present are already quite substantial, there exists immense potential for taking the bilateral trade relations to the higher level,'' Sharma said.

Meanwhile, total trade between India and Saudi Arabia has increased from $15.9 billion in 2006-07 to $25.61 billion in 2010-11.

India's exports to Saudi Arabia increased from $2.59 billion 2006-07 to $5.22 billion in 2010-11 while its imports from Saudi Arabia increased substantially from $13.35 billion in 2006-07 to $20.38 billion in 2010-11.