$3 Billion and Rising: India Bets Big on Saudi Market - All About the Deals

Riyadh,

Saudi Arabia: For Indian industry, the new frontier is defence exports, already over Rs 23,000 crore or nearly $3 billion and rising. As part of the initiative, and to showcase Indian products, minister of state for defence Sanjay Seth arrives here shortly along with representatives of 30 defence manufacturing firms, in the public and private sector. India has, of course, sold the BrahMos cruise missile to The Philippines and is in active discussions for exports to two countries: Vietnam and Indonesia, with much of the spadework done apart from a clearance from Russia. BrahMos is an Indo-Russian co-production but exports of other weapons like the Akash air defence system is also on the anvil.

The Saudi sojourn is for a defence exhibition, meant to showcase Indian equipment in the area. While Riyadh is a difficult market as it has recently announced deals with the United States of America and has traditionally looked at Washington DC, there have been opportunities for sale of ammunition by Munitions India Ltd (MIL). But a defence exhibition provides opportunities to interact with many potential buyers. MIL, for example, manufactures 155mm shells and importantly, 155 mm guns are standard weapons in many countries. Among the firms are 30 defence public sector firms and a handful from the private sector like Bharat Forge. The success of Indian weapons during Operation Sindoor, the four-days of fighting with Pakistan, beginning with the attacks on terror camps there, also helps the cause.

Meanwhile, Indo-Saudi defence ties remain strong. Air Chief Marshal Fayyadh al Ruwaili, the Saudi chief of general staff, was in India recently and top naval officers could visit soon. The friendship between Prime Minister Narendra Modi and Crown Prince Mohammed bin Salman al Saud or MBS remains strong since their first meeting in Argentina some years ago. Indian investment in Saudi Arabia is rising and there are significant opportunities in trade as well.