India eyes Saudi phosphates
Riyadh, May 22, 2008
New Delhi has shown interest to co-operate in phosphate sector with Saudi Arabia.
The move comes 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, reported Arab News.
“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, was quoted as saying.
“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.
“Saudi Arabia is also the 12th largest market in the world for Indian exports and is destination of more than 2.05 per cent of India’s global exports” he added.
Saudi Arabia is the source of 7.21 per cent 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 3.77pc of Saudi Arabia’s total imports. – TradeArabia News Service