Union Minister of Commerce & Industry Suresh Prabhu on Tuesday said that Saudi Arabia has helped India to meet its energy security.

Meeting a Saudi business delegation in New Delhi, Prabhu said India’s energy security is ensured due to the continuous and uninterrupted supply of petroleum products from Saudi Arabia.

But now it is time for both the countries to go beyond petroleum and diversify into new products, businesses and regions, he added.

The Saudi delegation was led by KamelS.Al-Munajjed, Chairman of Saudi Indian Business Council.

Prabhu further said that opportunities are endless for both the countries to collaborate and work together in new regions like Africa.

Commerce Minister welcomed Saudi investment in businesses like medical implants, agro- processing, education and other sunrise sectors and stated that this will not only help India but also benefit Saudi Arabia in expanding business opportunities.

Suresh Prabhu informed that India too is looking to invest in Saudi Arabia so that the relations between the two nations are taken to a new heights. For this 8 working groups have been set-up to identify companies in Saudi Arabia and India who can work together.

Prabhu further said that to resolve any issues for Saudi business and investments the Commerce and Industry Ministry has put in place a fast track mechanism to deal with any issues through a single window.

The Saudi business delegation informed Commerce Minster that there is a need to prioritise the SME industries of both countries as they are the future of both economies and SMEs will lead to employment generation.

The Saudi delegation consisted of members with interests in IT, logistics, communications, health and waste management.

Saudi Arabia today is India’s 4th largest trade partner (after China, USA and Japan) and is a major source of energy. India imports around 17 % of our crude oil requirement from the Kingdom.