Industry chamber, the Confederation of Indian Industry (CII) and the state-run Saudi Exporters Development Authority is jointly organizing a business-to business (B2B) meeting with an exporters' delegation from Saudi Arabia here on Wednesday.
A senior Saudi government official is leading a delegation of 25 exporters from the oil-rich kingdom for the first such B2B organised by CII with Saudi Arabian business, the CII said here, adding the areas of interest of the visiting delegation include agriculture, chemicals food, metals, plastics, spices and textiles.
Saudi Arabia is India's fourth largest trade partner and a major source of energy, from which India imports around 20 percent of its crude oil requirements.
During 2014-15, bilateral trade reached $39.4 billion, registering a decrease of over 18 percent over 2013-14, mainly due to sharp decline in oil prices since June 2014.
During the last fiscal, India's imports from Saudi Arabia reached $28.2 billion, registering a decline of 22.42 percent over the previous year, whereas exports to Saudi Arabia reached $11.2 billion registering a decline of 8.61 percent over the previous year.
India is the fifth largest market for Saudi exports accounting for 8.87 percent.
Earlien this month, the Saudi Indian Business Network, along with the Indian embassy in Saudi Arabia, organised a B2B meeting for 13 participating company delegates with Saudi businessmen from the health, cosmetic and chemical sectors.
