"The Kingdom, which is rich in phosphates, can play an important role with India in promoting phosphate-based industries," said Rajeev Shahare, charge d'affaires at the Indian embassy.
Speaking on the sidelines of a multi-sector catalogue exhibition organised by the Indian embassy in association with the Arar Chamber of Commerce and Industry, Shahare said phosphate was another sector in which the two countries can join hands.
"We would like to work as partner with the Kingdom in all sectors," he said.
Shahare, who also held talks with Arar Province Governor Prince Abdullah bin Abdulaziz bin Musaed Al-Saud during his visit to Arar, said that Indian investment in Saudi Arabia exceeded $1.097 billion with 82 industrial projects currently in operation.
Saudi investment in India till date totals $228 million with 49 joint ventures operating in India, he was quoted by the media.
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Referring to the event, he said that it was a unique economic and commercial activity undertaken by the Indian embassy in Arar Province for the first time. "It is the endeavour of the Indian Embassy to reach out as widely in the Kingdom as possible to disseminate information on business," he added.
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).