Saudi Arabia’s trade with G20 nations amounted to $421B last year, and the Kingdom is seeking to enhance its economy through partnerships with key allies.
The Saudi Ambassador to India, Saleh Eid Al-Hussaini, has highlighted the pivotal role that the Kingdom plays within the G20, serving as a vital element in international endeavours to promote global economic growth and prosperity.
Ambassador Al-Hussaini underscored the importance of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, visiting India for the G20 Leaders Summit.
Saudi and India trade
He pointed out the deep and longstanding relationship between Saudi Arabia and India, which has significantly evolved since 2019, marked by the establishment of the Strategic Partnership Council, jointly led by the Crown Prince and the Prime Minister of India.
Al-Hussaini emphasized the economic significance of both nations within their respective regions and globally, highlighting the complementary nature of their economies and their shared commitment to implementing significant visions.
These factors offer extensive opportunities for trade, investment, and technology exchange, and play a crucial role in global economic security, energy, and food security.
The ambassador conveyed that India is the fourth-largest trading partner of the Kingdom, while the Kingdom holds the position of being India’s second-largest trading partner.
Notably, the trade volume between the two nations has increased by 50 percent, reaching $53B, in contrast to $35B in 2021, according to Arabian Business.
He emphasized the significant interdependence of the Kingdom and India in various supply chains for strategic goods and services.
Saudi Arabia’s Vital Role in India’s Energy Imports
Saudi Arabia serves as a dependable source for India’s imports of oil, petrochemicals, and fertilizers, and it plays a crucial global role in ensuring energy security and price stability.
In return, India contributes to food security and serves as a significant source of foreign remittances. Moreover, the Indian workforce in the Kingdom enhances the dynamics of the labour market and strengthens the relationship between the two nations.
Ambassador Al Hussaini stressed that the Kingdom’s influence extends beyond the regional level to the global stage, as it ranks among the world’s major economies and is the sole Middle East representative in the Group of Twenty (G20).
He pointed out that the G20 is a vital international platform for addressing global economic challenges.
The timing of the G20 summit in India in 2023 holds particular significance, given India’s remarkable economic growth in 2022, making it one of the world’s most populous countries and the fifth-largest economy globally.
Al Hussaini also revealed that the volume of trade between Saudi Arabia and G20 countries in 2022 reached $421B.
The G20 nations collectively represent 85 percent of the global domestic product, house 60 percent of the world’s population, and account for 75 percent of global trade volume.
This underscores the importance, effectiveness, and influence of G20 member states in promoting economic growth, stability, and their ability to address global economic challenges.
