India, Saudi Arabia Boost Trade and Investment Cooperation

Union Minister of Commerce and Industry, Shri Piyush Goyal, successfully concluded his visit to the Kingdom of Saudi Arabia. During the visit, Shri Piyush Goyal participated in the Plenary Session of the 8th Edition of Future Investment Initiative (FII), with representatives from global Governments and the industry. He highlighted the critical role of international partnerships and economic diplomacy in fostering global cooperation, innovation, technological advancement, and investment. He urged global investors to seize emerging opportunities in India, particularly in high-growth sectors such as artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing.

Shri Piyush Goyal also co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud on 30th October 2024 in Riyadh. The Strategic Partnership Council was established in 2019, following the visit of the Hon’ble Prime Minister Shri Narendra Modi to the Kingdom of Saudi Arabia in October 2019.

The Committee reviewed the progress achieved by the four Joint Working Groups: Agriculture and Food Security; Energy; Technology and Information Technology; and Industry and Infrastructure. They noted the deepening of bilateral economic partnership between India and Saudi Arabia and deliberated on ways to enhance trade and investment.

The Minister held fruitful ministerial engagements in Riyadh, including with the Minister of Energy, Minister of Industry and Mineral Resources and Minister of Investment. These engagements focused on collaborative initiatives in trade, energy, and technology. These discussions culminated in a series of actionable agreements, aimed at enhancing trade volumes and facilitating a smooth flow of investments between the two countries. The agreements emphasise cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth.

Shri Piyush Goyal also met with Mr. Peter Herweck, CEO of Schneider Electric and Mr. William E. Ford, Chairman and CEO of General Atlantic, to discuss India's economic landscape and investment opportunities across sectors.

In recent years, many bilateral agreements have been formalised between India and Saudi Arabia, covering sectors such as food exports, pharmaceuticals, electrical interconnectivity, energy, small and medium enterprises, digitization and electronic manufacturing. Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc. The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest.

Later in the day, Minister Shri Piyush Goyal interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia and emphasized the role of chartered accountants in supporting India's expanding global trade network. Discussions highlighted ICAI’s efforts to promote Indian standards globally, including initiatives to upskill professionals and bolster India’s position in global financial services.

The Minister launched the Lulu Wali Diwali Festival at the Lulu Hypermarket by lighting a Big Diya made with LED, furthering India-Saudi cultural and economic ties. The Diwali Utsav, organised in partnership with Lulu Hypermarket, brings the festive spirit of India’s Festival of Lights to Saudi Arabia, showcasing an array of Indian products, from festive decor and traditional foods to handicrafts. The launch was followed by unveiling of a giant product wall comprising 10,000+ Indian products including Ghee from Uttarakhand, Ladakh Apple, Indian Cavendish banana, Dragon Fruit from Maharashtra, new range of Millets based breakfast cereals, and Qaadu Organic beauty products.

At the Indian Embassy in Riyadh, the Minister unveiled the One District, One Product (ODOP) Wall, featuring unique products from various districts across India. The ODOP initiative, part of the Government of India’s “Vocal for Local” campaign, aims to promote regional craftsmanship by showcasing the rich cultural heritage of India through distinctive, high-quality products.

This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia. It underscores both nations' commitment to deepening economic ties and addressing global challenges through collaborative efforts. The outcomes of the discussions are expected to unlock new avenues for investment and trade, driving economic growth and innovation in both countries.