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'Indo-Saudi trade to touch $7B by 2010'
By agencies
|
Tuesday, 24 January 2006, 20:30 IST
NEW DELHI: Bilateral trade between India and Saudi Arabia is expected to touch $7 billion mark by 2010 from the current level of $3 billion, the industry body Assocham said.
At present, India's current exports to Saudi Arabia stand at $1.3 billion while imports are in the range of $1.2 billion, according to the "Indo-Saudi Arabia Trade Prospects", prepared by Assocham. It also predicts that the demand for Indian textile in Saudi Arabia will increase due to their prices and smooth export transactions provided by the oil-rich country.
Major Indian exports include basmati and non-basmati rice, readymade garments and machinery, while imports include organic and inorganic chemicals, metal scrap, leather and gold.
Besides this, Saudi Arabia will also start import of communication devices, blankets, furniture, sanitary equipment, construction materials, car spare parts, medical equipment, cars, trucks and agriculture products.