Arar Gov. Prince Abdullah ibn Abdulaziz ibn Musaed Al-Saud (right) receives Rajeev Shahare, charge d’ affaires at the Indian Embassy, in Arar on Monday (AN photo)

RIYADH, 22 May 2008 — India has evinced keen interest to cooperate in phosphate sector with Saudi Arabia as New Delhi has emerged as one of the largest consumers of phosphates in the world with an ever-increasing number of phosphate-based Industries. “The Kingdom, which has very rich phosphates of different grades and kinds, can play an important role with India in promoting phosphate industries,” said Rajeev Shahare, charge d’affaires at the Indian embassy, here yesterday.

Shahare, who was speaking on the sidelines of a multi-sector catalogue exhibition organized by the Indian embassy in association with the Arar Chamber of Commerce and Industry, in Arar yesterday. The event showcased catalogues, CDs and other publicity materials from Indian companies featuring a host of sectors ranging from air conditioning, animal and poultry, agriculture and food, automotive, chemicals and fertilizers to coir products, cosmetics etc.

Shahare, who also held talks with Arar Province Governor Prince Abdullah Ibn Abdulaziz Ibn Musaed Al-Saud during his visit to Arar, said that “Riyadh and New Delhi have forged closer cooperation. In fact, Indian investment in Saudi Arabia exceeds $1.097 billion with 108 service and 82 industrial projects currently in operation”.

“Saudi investment in India till date totals $228 million in 49 joint ventures operating in India,” he added.

“Phosphate is another sector in which the two countries can join hands,” said the Indian diplomat. According to a report, Egypt has extended special treatment to India by allowing export of rock phosphates for use in fertilizer industry. Cairo is also considering the Indian request for giving free zone status to a location for setting up a $325 million joint venture, said the report. “We would very much like to work as partner with the Kingdom in all sectors,” said Shahare.

In this context, he recounted the recent visit of Montek Singh Ahluwalia, deputy chairman of Planning Commission of India, who led a high level delegation to attract Saudi FDIs into India. Referring to the event in Arar, he said that “it was a unique economic and commercial activity undertaken by the Indian embassy at Arar Province for the first time”. “It is the endeavor of the Indian Embassy to reach out as widely in the Kingdom as possible to disseminate information on business,” he added.

“A similar catalogue exhibition will be held at Hail Chamber of Commerce and Industry on June 8,” he noted. On trade front, the Indian diplomat said that “India now ranks as the 5th largest trading partner for Saudi Arabia. The bilateral trade during the financial year 2006-07 exceeded $15.9 billion (including oil)”.

“Saudi Arabia is also the 12th largest market in the world for Indian exports and is destination of more than 2.05 percent of India’s global exports” he added.

On the other hand, Saudi Arabia is the source of 7.21 percent of India’s global imports (excluding oil). “For Saudi Arabia, India is the 5th largest market for its exports, accounting for six percent of its global exports,” said Shahare. In terms of imports by Saudi Arabia, India ranks ninth and is a source of around 3.77 percent of Saudi Arabia’s total imports. The two countries, however, have evinced keen interest to further boost the commercial relations.