The global economic Commerce and Industry Minister Piyush Goyal will discuss ways to increase cooperation with Saudi Arabia in areas like renewable energy, digital infrastructure, and manufacturing during his two-day visit, an official statement said on Monday.
The visit to Riyadh will begin from Tuesday.
The commerce and industry ministry said Goyal will participate in the Future Investment Initiative (FII) in Riyadh, a crucial platform that brings together global leaders, investors, and innovators.
His participation will highlight India's rapid economic growth, its focus on sustainable development, AI, and the immense opportunities in sectors like renewable energy, digital infrastructure, and advanced manufacturing, it said.
On the sidelines of the FII, the minister will engage with prominent global investors.
"These interactions aim to strengthen investor confidence, facilitate investment flows, and promote India as a preferred global investment destination," it said.
He will also hold bilateral meetings with key Saudi ministers, including the Minister of Commerce, Minister of Industry and Mineral Resources, Minister of Investment, and Minister of Energy, to discuss collaborative efforts in energy transition, digital transformation, and trade facilitation. Further, he will co-chair the second ministerial meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council, focusing on sectors like agriculture, food security, energy, technology, and infrastructure.
India is the second largest trade partner for Saudi Arabia whereas Saudi Arabia is India's fourth largest trading partner.
The bilateral trade between the two countries stood at USD 43 billion in 2023-24 as against USD 53 billion in 2022-23.
Over 2,700 Indian companies are registered as joint ventures/100 percent owned entities, with investments worth about USD 2 billion in the Kingdom.
Major Indian companies and corporate groups such as L&T, TATA, Wipro, TCS, TCIL, Shapoorji & Pallonji have established a strong presence in Saudi Arabia.
Saudi direct investments in India amounted to USD 3.22 billion during April 2000 and June 2024.
Major Saudi investment groups include ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group.
policy agenda has been the strengthening of India's financial sector. The soundness of our banking system marked by low levels of NPAs (nonperforming assets) and enhanced provisioning for bad loans reflects the reforms we have undertaken to improve asset quality," she said.
She added that by 2047, as India celebrates 100 years of independence, "we will have a chance to define a new era of prosperity, not just for our own citizens, but for the global community as well.
"India's role in the world is expanding, and we stand ready to engage constructively with the international community, sharing our innovations and contributing to global peace and prosperity," she said, as she cited the example of the COVID-19 pandemic during which India supplied vaccines developed and manufactured by it to nations across the world. "The coming decades will be defined by how effectively India manages its demographic dividend, strengthens its global partnerships, and navigates the complexity of a rapidly changing world," she said.
