India and Saudi Arabia are growing countries and two sided investment will be beneficial for the economic boom.
As per the PTI report India and Saudi Arabia agreed to enhance economic co operation.
Both the countries are planning joint ventures to achieve this economic enhancement.
Anand Sharma, Commerce and Industry Ministe of India met his Saudi counter part Abdullah bin Ahmed Zainal Alireza and both have agreed to regular exchange of business delegates in both the countries.
Sharma said that India is keen to set up Joint Ventures for gas-based fertilizer plant in Saudi Arabia.
Between April 2000 and August 2010, India received foreign direct investment worth $31.5 million from Saudi Arabia.
The main sectors that attracted Investments are electrical equipments, food processing, automobile, computer software and hardware and telecommunications.
Sharma said that immense potential was available for both the nations to take the bilateral trade relations to a higher level.
He informed Alireza that strategies should be developed to increase the trade volume in traditional items and diversify the trade basket, it said.
The bilateral trade between countries increased to $21 billion in 2009-10 from $3.44 billion in 2005-06.
Machinery and coal tar, petroleum products, basmati rice, are major items exported to Saudi Arabia while products imported from Saudi Arabia include petroleum products, chemicals and plastic.
Saudi Arabia is one of the largest suppliers of oil to India, who is one of the top seven trading partners and the fifth biggest investor in Saudi Arabia.
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