Commerce and Industry Minister Piyush Goyal is set to visit Riyadh for two days starting Tuesday, where he will focus on bolstering India-Saudi Arabia cooperation in renewable energy, digital infrastructure, and manufacturing. During the trip, Goyal will participate in the Future Investment Initiative (FII), a major forum that brings together leaders, investors, and innovators from across the world to discuss economic growth and collaboration opportunities.
Showcasing India’s Economic Growth and Technological Advances
The FII platform offers an opportunity to highlight India’s rapid economic development and its strides in sustainable growth, artificial intelligence, and advanced manufacturing. Goyal’s participation will showcase India’s potential in key sectors and its focus on sustainable energy and digital advancements, which align with Saudi Arabia’s Vision 2030 goals.
Strengthening Investor Confidence and Trade Relations
On the sidelines of the FII, Goyal will meet with prominent global investors to promote India as an attractive destination for foreign investment. The discussions aim to increase investor confidence and facilitate investments into India’s diverse sectors, particularly in energy, technology, and infrastructure. Strengthening these ties is part of India’s broader strategy to position itself as a global economic powerhouse.
High-Level Bilateral Meetings on Economic and Energy Collaboration
During his visit, Goyal will hold talks with key Saudi ministers, including those of Commerce, Investment, Energy, and Industry. These discussions will explore collaborative efforts in energy transition, trade facilitation, and digital transformation. The meetings will provide a pathway for joint ventures and shared initiatives in critical areas such as renewable energy and advanced manufacturing.
Co-Chairing the Economy and Investment Committee
Goyal will also co-chair the second ministerial meeting of the Economy and Investment Committee, part of the India-Saudi Strategic Partnership Council. This committee will focus on strengthening cooperation in agriculture, food security, energy, technology, and infrastructure. Enhancing these areas is vital for both nations as they work towards mutually beneficial economic goals.
Growing Economic Ties and Mutual Investments
India is Saudi Arabia’s second-largest trade partner, with bilateral trade amounting to USD 43 billion in 2023-24. Additionally, over 2,700 Indian companies have established a presence in Saudi Arabia, with investments of about USD 2 billion in the Kingdom. Major Indian corporations, including L&T, TATA, Wipro, and TCS, have already built a strong foundation in Saudi Arabia, while Saudi investments in India reached USD 3.22 billion between April 2000 and June 2024.
Strengthening Future Economic Collaboration
Goyal’s visit underlines the strong economic partnership between India and Saudi Arabia, with efforts to build on past successes and explore new opportunities for mutual growth. Through enhanced collaboration in energy, technology, and infrastructure, both nations aim to further solidify their standing as strategic trade and investment partners on the global stage.
