According to an official statement, Union Minister of Commerce & Industry, Mr. Piyush Goyal, will explore avenues to enhance cooperation with Saudi Arabia in sectors such as renewable energy, digital infrastructure, and manufacturing. He will participate in the Future Investment Initiative (FII) in Riyadh, a pivotal platform uniting global leaders, investors, and innovators. His involvement will underscore India’s robust economic growth, commitment to sustainable development, artificial intelligence, and vast opportunities within renewable energy, digital infrastructure, and advanced manufacturing. On the sidelines of the FII, he will engage with key global investors to bolster investor confidence and promote India as a premier investment destination.
Additionally, he will conduct bilateral meetings with prominent Saudi ministers, including the Minister of Commerce, Minister of Industry and Mineral Resources, Minister of Investment, and Minister of Energy, to discuss joint efforts in energy transition, digital transformation, and trade facilitation. He will co-chair the second ministerial meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council, focusing on agriculture, food security, energy, technology, and infrastructure. India is the second largest trade partner for Saudi Arabia, while Saudi Arabia ranks as India’s fourth largest trading partner. Bilateral trade between the nations reached US$ 43 billion in 2023-24, down from US$ 53 billion in 2022-23. Over 2,700 Indian firms are registered in Saudi Arabia, with investments amounting to approximately US$ 2 billion. In comparison, Saudi investments in India totalled US$ 3.22 billion from April 2000 to June 2024. Major Indian companies like L&T, TATA, and Wipro have established significant operations in the Kingdom.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.