Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal, played a pivotal role in fostering economic ties between India and the Kingdom of Saudi Arabia (KSA) during his participation in the 7th Edition of the Future Investment Initiative (FII) held in Riyadh from October 24th to 25th, 2023.
Shri Goyal engaged with several distinguished figures from the host nation, including Energy Minister His Royal Highness (HRH) Prince Abdul Aziz Bin Salman Al-Saud, Commerce Minister His Excellency (H.E.) Majid bin Abdullah AlKassabi, and Investment Minister H.E. Khalid A. Al Falih.
A significant highlight of the event was Shri Goyal’s address in a plenary session titled “The Coming Investment Mandate.” He also co-chaired a conclave session alongside the KSA Investment Minister, focusing on “From Risk to Opportunity: Strategies for Emerging Economies in the New Industrial Policy Era.” Their discussions centered on expanding investments across diverse sectors to boost economic growth and strengthen the strategic partnership between the two nations.
Additionally, Shri Goyal held bilateral meetings with KSA Commerce Minister H.E. Majid bin Abdullah AlKassabi, Industry and Mineral Resources Minister H.E. Bandar bin Ibrahim AlKhorayef, CEO NEOM Mr. Nadhmi Al Nasr, and Governor of the Public Investment Fund (PIF) H.E. Yassir Rummayyan. These meetings explored ways to improve bilateral relations, particularly in commerce and industry.
The Union Minister actively participated in the Business Round Table hosted at the Federation of Saudi Chambers, where he highlighted the numerous investment opportunities India presents. The trade relationship between the two countries reached a record high of USD 52.75 billion in FY 2022-23. The conference aimed to further solidify this economic partnership, exemplified by the signing of a Memorandum of Understanding (MoU) between the Confederation of Indian Industry and the Federation of Saudi Chambers of Commerce in the presence of Shri Goyal.
On the sidelines of the FII, Shri Goyal met with Mr. Ajay Banga, President of the World Bank, and engaged with prominent business leaders. He also interacted with the Indian business community residing in KSA, a significant contributor to the Saudi economy.
India’s strategic partnership with KSA was further underlined by the establishment of the India-Saudi Arabia Strategic Partnership Council (SPC) in 2019. This partnership, featuring two key committees focused on political, security, social, cultural cooperation, and the economy and investments, aims to bolster the relationship between the two nations. India is the fourth country, following the UK, France, and China, to form such a partnership with Riyadh.
Shri Piyush Goyal’s participation in the 7th FII served as a cornerstone for strengthening bilateral ties and cooperation between India and Saudi Arabia in various sectors, demonstrating the enduring significance of their partnership.
