India, Saudi trade grows 35.14 percent in 2013

31 Mar 2014

(MENAFN) Trade between India and Saudi Arabia grew by 35.14 percent in 2013, exceeding USD43.17 billion worth compared to a year earlier, according to Arab News.

Consul General Faiz Ahmad Kidwai, who is also vice patron of SIBN (Saudi Indian Business Network) said that the level of investments on both sides is still very low, however.

Kidwai stated that Indian investments in Saudi Arabia amounted USD1.6 billion with some other large investments in the pipeline, while Saudi investments in India reached about USD228 million till last year.

Kidwai said: “It is quite an appalling situation as Saudi Arabia has about a $1 trillion worth sovereign fund, which is lying safe for investment, and India has a huge domestic market to ensure profitable investments.”

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