RIYADH — The Saudi Ambassador to India Saleh Bin Eid Al-Hussaini revealed that the volume of trade exchange between the Kingdom and the G20 countries, during 2022, reached $421 billion.

Al-Hussaini made the remarks while speaking to the Saudi Press Agency on the occasion of the visit of the Crown Prince and Prime Minister Mohammed Bin Salman to India to participate in the G20 leaders' summit, which is being held on Sept. 9 and 10, 2023 in New Delhi.

He pointed out that the volume of the economies of the G20 countries represents 85% of the global gross domestic product (GDP), and is inhabited by 60% of the world’s population, while it accounts for 75% of the volume of global trade.

This reflects the importance, effectiveness and influence of the member states in the G20 summit in achieving growth, economic stability and the ability to confront global economic challenges.

Saudi Arabia and India have a strong, deep and developed historical relationship, Al-Hussaini said, noting that since 2019, the level of this relationship has risen with the establishment of the Strategic Partnership Council co-chaired by the Saudi Crown Prince and the Indian Prime Minister.

“The Kingdom and India are among the largest global economies participating in the G20,” he noted.

He stressed that the relationship between the Kingdom and India is gaining prominent importance due to their pioneering economic role in their regions and the world, which would provide more opportunities for trade, investment and technology transfer.

Saudi Arabia is India's 4th trading partner, while India is the Kingdom's 2nd trading partner, Al-Hussaini said, noting that the volume of trade exchange between the two countries recently jumped by 50%, to reach $53 billion, compared to $35 billion in 2021.

The relations between the two countries are characterized by the fact that they provide each other with key links in the supply chains for a number of strategic goods and services. For the Saudi side.

It is considered a major reliable source for imports of oil, petrochemicals and fertilizers, and it also has a pivotal role globally in the field of energy security and price stability.

In return, India contributes to food security and is a significant source of foreign transfers. Additionally, the Indian workforce in the Kingdom enhances labor market dynamics and fosters stronger relations between the two nations, Al-Husseini said.

Ambassador Al-Hussaini emphasized that the Kingdom's influence extends beyond the regional level to the global stage, as it ranks among the world's major economies and is the sole Middle East member of the Group of Twenty (G20).

Al-Husseini considered the G20 the most effective international platform to confront global economic challenges.

While he pointed out that the importance of holding the G20 in 2023 in India comes at a time when the country has achieved the highest rates of economic growth in 2022 alongside Saudi Arabia among the G20 countries.

The ambassador said that India is now one of the most populous countries, and has jumped to become the 5th largest economy in the world.

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