New Delhi: Commerce and Industry Minister Piyush Goyal is set to explore opportunities to enhance collaboration with Saudi Arabia in sectors such as renewable energy, digital infrastructure, and manufacturing during his visit to Riyadh. According to an official statement released on Monday, the discussion will take place during his two-day trip, which will commence on October 29, 2024.
Piyush Goyal to represent India at future investment initiative in Riyadh
According to the ministry of commerce and industry's latest announcement, the Indian politician and chartered accountant will also take part in the Future Investment Initiative (FII) in Riyadh. The event is one of a kind where worldwide leaders, investors, and innovators will take part. It has been stated that his involvement will showcase India's fast economic advancement, its emphasis on sustainable growth, AI, and the vast possibilities in fields such as renewable energy, digital infrastructure, and advanced manufacturing.
During the FII, the ex-Minister of Textiles and Minister of Consumer Affairs, Food and Public Distribution will interact with influential global investors. These engagements seek to enhance investor trust, ease investment transfer, and position India as a favoured international investment hub, according to reports.
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Additionally, the BJP leader will conduct one-on-one meetings with important Saudi ministers such as the Minister of Commerce, Minister of Industry and Mineral Resources, Minister of Investment, and Minister of Energy, to talk about working together on energy transition, digital transformation, and trade facilitation.
Moreover, the minister is set to co-chair the upcoming second ministerial meeting of the Economy and Investment Committee within the India-Saudi Strategic Partnership Council, with a focus on areas such as agriculture, food security, energy, technology, and infrastructure. Saudi Arabia is the second biggest trading partner of India, while India is the fourth largest trade partner of Saudi Arabia.
India-Saudi trade drops to USD 43 billion amid growing investments from Indian firms in the kingdom
The two countries' trade decreased to USD 43 billion in 2023-24 from USD 53 billion in 2022-23. Around 2,700 Indian firms have been registered in the Kingdom as either joint ventures or fully owned entities, with investments totaling approximately USD 2 billion. Key Indian corporations like L&T, TATA, Wipro, TCS, TCIL, Shapoorji & Pallonji have solidified their foothold in Saudi Arabia. Saudi investments directly in India totaled USD 3.22 billion between April 2000 and June 2024. Key Saudi investment entities comprise ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group.
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