Saudi Arabia’s trade with G20 countries reached $421bn last year and the Kingdom is looking to boost its economy with key partners.
The Saudi Ambassador to the Republic of India, Saleh Eid Al-Hussaini, has emphasised the pivotal role played by the Kingdom within the G20, serving as a crucial component of international efforts to foster global economic growth and prosperity.
Ambassador Al Hussaini underscored the significance of the visit by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to the Republic of India for the G20 Leaders Summit.
Saudi and India trade
He pointed out the deep and historic relationship between the Kingdom and India, which has evolved significantly since 2019, highlighted by the establishment of the Strategic Partnership Council, co-chaired by the Crown Prince and the Prime Minister of India.
Al Hussaini emphasised the economic prominence of both countries in their respective regions and globally, citing the complementarity of their economies and their shared commitment to implementing significant visions.
These factors provide extensive opportunities for trade, investment, technology transfer, and play a crucial role in global economic security, energy, and food security.
The ambassador reported that the Kingdom is India’s fourth-largest trading partner, while India ranks as the Kingdom’s second-largest trading partner.
Notably, the volume of trade exchange between the two countries has surged by 50 per cent, reaching $53bn, compared to $35bn in 2021.
He highlighted the mutual dependence of the Kingdom and India in various supply chains for strategic goods and services.
Saudi Arabia serves as a reliable source of India’s imports of oil, petrochemicals, and fertilisers and plays a pivotal global role in energy security and price stability.
In return, India contributes to food security and is a significant source of foreign transfers. Additionally, the Indian workforce in the Kingdom enhances labour market dynamics and fosters stronger relations between the two nations.
Ambassador Al Hussaini emphasised 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 member of the Group of Twenty (G20).
The G20, he noted, is a vital international platform for addressing global economic challenges.
The timing of the G20 summit in India in 2023 is particularly significant, given India’s remarkable economic growth in 2022, making it one of the world’s largest countries by population and the fifth-largest economy globally.
Al Hussaini also revealed that the volume of trade between the Saudi Arabia and G20 countries in 2022 reached $421bn.
The G20 nations collectively represent 85 per cent of the global domestic product, house 60 per cent of the world’s population, and account for 75 per cent of global trade volume.
This underscores the importance, effectiveness, and influence of G20 member states in promoting economic growth, stability, and their capacity to address global economic challenges.
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