Arun Jaitley visits Saudi Arabia to discuss bilateral issues, strengthening ties

New Delhi, February 18: Finance Minister Arun Jaitley on Saturday embarked on a two-day official visit to Saudi Arabia to discuss the bilateral issues and strengthening ties. He will also co-chair the 12th India-Saudi Arabia Joint Commission Meeting (JCM). Notably, the JCM will be held at Riyadh on 18th and 19th February.

 

Finance Minister Arun Jaitley, during a two-day official trip, will also visit the “India Pavillion” at the Saudi National Heritage and Cultural Festival Janadriyah. The Finance Minister along with his counterpart Minister from Saudi Arab will open the “Saudi-Indian Business Council”.

Finance Minister Arun Jaitley will also meet with the Saudi Minister of Trade and Investment, Dr. Majid Al-Qassabi on Monday to discuss the bilateral issues. However, he is also likely to meet other high-level Saudi dignitaries as well during his visit. The Finance Minister, Arun Jaitley will return to New Delhi in the evening of Monday after completing his two-day official visit to Riyadh, Saudi Arabia.

BACKGROUND:

Since the 1990s, India's economic liberalization has helped bolster trade with Saudi Arabia, which annually supplies to India nearly 175 million barrels of crude oil or a quarter of its needs. In 2006–07 bilateral trade stood at USD 16 billion (USD 3 billion excluding oil) and is expected to double by 2010.

India's current exports to Saudi Arabia stand at USD 2.6 billion, while Saudi Arabia's exports are in the range of USD 13.4 billion. India's major exports include basmati rice, textiles and garments and machinery, while it imports organic and inorganic chemicals, metal scrap, leather, gold and oil from Saudi Arabia.