Commerce Minister Goyal to deepen partnership with Saudi visit

New Delhi: Union minister of commerce and industry, Piyush Goyal, will visit Saudi Arabia from October 29-30 with the aim of deepening the strategic partnership between India and Saudi Arabia, the ministry said in a statement on Monday.

The visit comes at a pivotal time as India seeks to expand its global economic presence and explore new avenues for trade, investment, and economic cooperation, the ministry added.

During his stay, Goyal will participate in the 8th edition of the Future Investment Initiative (FII) in Riyadh, a prominent platform that convenes global leaders, investors, and innovators.

The minister's involvement in the FII will highlight India's rapid economic growth and its commitment to sustainable development, particularly in sectors such as renewable energy, digital infrastructure, and advanced manufacturing.

In addition to attending the FII, Goyal will also inaugurate the Diwali Utsav at Lulu Hypermarket in Riyadh, engaging with the Indian community and emerging leaders of the Indian diaspora.

Also Read | UAE’s investment in India to reach $100 billion across sectors: Piyush Goyal

He will also unveil the One District, One Product (ODOP) Wall at the Indian Embassy, showcasing India's rich cultural heritage and craftsmanship on an international stage.

Goyal's visit to facilitate business-to-business engagements

Goyal's visit will facilitate business-to-business engagements and strengthen strategic partnerships as he is expected to hold bilateral meetings with key Saudi ministers, including the Minister of Commerce, Minister of Industry & Mineral Resources, Minister of Investment, and Minister of Energy, the statement from Ministry of Commerce and Industry said.

Discussions will focus on collaborative efforts in energy transition, digital transformation, and trade facilitation, it said.

Also Read: Piyush Goyal meets top corporate leaders in Singapore to discuss investment, bilateral trade

Furthermore, Goyal will co-chair the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council, emphasizing sectors like agriculture, food security, energy, technology, and infrastructure.

"These interactions aim to strengthen investor confidence, facilitate investment flows, and promote India as a preferred global investment destination, aligning with the Make in India initiative," the Ministry of Commerce and Industry added.

As things stand Saudi Arabia is one of India's largest trade partners, with bilateral merchandise trade between both nations standing at about $43 billion in FY24. 

India imports crude oil and petroleum products from Saudi Arabia, while it exports motor vehicles, rice, copper, organic chemicals, iron to the gulf state. 

Also Read: India aims to secure critical minerals partnership with US, eyes trade benefits, says minister Goyal