• Shri Anand Sharma, Union Minister of Commerce and Industry, in a meeting with the Saudi Arabian Minister of Commerce and Industry, Mr. Abdullah bin Ahmed Zainal Alireza, stated that the economic ties would constitute a very solid foundation for the development of Indo-Saudi Strategic Partnership. The Minister further added that while the trade ties at present are already quite substantial, there is immense potential for taking the bilateral trade relations to the higher level. Shri Sharma also informed to his counterpart that strategies to be developed for increasing volume of trade in traditional items and diversify the trade basket. Both sides felt that the focus is to be shifted to investment and joint ventures for enhancing trade as well as services and added that regular exchange of business delegations for sensitizing the businessmen of both countries is to be emphasized in future. Shri Sharma said that India is keen to set up Joint Ventures for gas based fertilizer plant in Saudi Arabia. Indian companies have evinced keen interest in setting up of such projects in the Kingdom of Saudi Arabia. During the interaction, Shri Sharma said that the total trade between India and Saudi Arabia has increased by many folds from US$ 3442.11 million in 2005-06 to US$ 21004.57 million in 2009-10.The exports to Saudi Arabia have increased from US$ 1809.77 million in 2005-06 to US$ 3907.00 million in 2009-10. Major item of export to Saudi Arabia are Petroleum Products; Rice Basmati; Non-Ferrous Metals; Machinery and Instruments; Dyes/ Intermediary & Coal Tar Chemicals etc. Similarly, the imports from Saudi Arabia has increased substantially from US$ 1632.34 million in 2005-06 to US$17097.57 million in 2009-10 and the main items of imports are Petroleum Products, Organic Chemicals, Artificial Resin, plastic, Material etc;. The foreign direct investment (FDI) from Saudi Arabia during April 2000 to August 2010 is to the tune of US$ 31.59 Million. Main sectors attracted FDI from Saudi Arabia are electrical equipments, food processing industries automobile industry, computer software & hardware; and telecommunications.
  
  
• Shri Anand Sharma, Union Minister of Commerce and Industry during the bilateral meeting with Mr. Hailemariam Desalegn, Deputy Prime Minister and foreign Minister of Ethiopia , expressed satisfaction at the impressive growth in bilateral trade, which has grown from US$ 83 million in the year 2005-06 to US$ 272 million in 2009-10, registering a growth of 227% in the last 4 years. He informed that India's exports to Ethiopia have increased from US$ 74 million in 2005 - 2006 to US$ 253 million in 2009- 2010, and India's imports from Ethiopia have grown from US$ 8 million in 2005 -06 to US$ 18 million in 2009-2010.Shri Sharma also conveyed that there was potential to further increase the bilateral trade between both countries, especially the Ethiopian exports to India, in view of the Duty Free Tariff Preference (DFTP) Scheme announced by India. The Scheme provides for duty free market access on 85% of India's total tariff lines and Margins of Preference (MOP) on 9% tariff lines. "There is scope for increased trade and joint ventures in areas such as agriculture & agro-processing industries, floriculture, textile and garments, leather and leather products, IT sector, drugs and pharmaceuticals etc.Interacting with the visiting Minister, Shri Sharma said that India is the largest foreign investor in Ethiopia with approved investment of US$ 4.4 billion. Of this, approximately US$ 1 billion is already on ground or in the pipeline. About 40% of Indian investment is in the field of commercial agriculture. Major items of export to Ethiopia were machinery & instruments; electronic goods, transport equipments, manufacture of metals, paper wood products etc. while major item of imports from Ethiopia were pulses, oil seeds, leather, spices, non-ferrous metals, raw hides & skins etc.

For more information on trade agreements and transit arrangements, visit www.commerce.nic.in.