Shri Goyal fosters economic ties and strategic partnership with Saudi Arabia at FII event.
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal played a pivotal role in strengthening bilateral relations during his attendance at the 7th Edition of Future Investment Initiative (FII) in Riyadh from 24th to 25th October 2023. His engagements included meetings with key dignitaries from Saudi Arabia, such as Energy Minister HRH Prince Abdul Aziz Bin Salman Al-Saud, Commerce Minister H.E. Majid bin Abdullah AlKassabi, and Investment Minister H.E. Khalid A. Al Falih.
Addressing a plenary session titled “The Coming Investment Mandate,” Shri Goyal shared insights on future investment trends. He further co-chaired a conclave session on “From Risk to Opportunity: Strategies for Emerging Economies in the New Industrial Policy Era,” underscoring the need for forward-looking strategies.
In a bilateral meeting with the KSA Investment Minister, discussions centered around expanding investments across diverse sectors to stimulate economic growth and reinforce the strategic partnership between the two nations. Subsequent one-on-one 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 Public Investment Fund (PIF) H.E. Yassir Rummayyan aimed at furthering cooperation, particularly in commerce and industry.
During a Business Round Table at the Federation of Saudi Chambers, Shri Goyal highlighted India’s substantial offerings and emphasized the exponential growth in bilateral trade, which reached an unprecedented USD 52.75 billion in FY 2022-23. The event sought to fortify the economic partnership between the two nations, exemplified by the signing of a Memorandum of Understanding (MoU) between the Confederation of Indian Industry and the Federation of Saudi Chambers of Commerce, witnessed by the Minister.
On the sidelines of the FII, Minister Goyal engaged with Mr. Ajay Banga, President of the World Bank, and distinguished business leaders. Interactive sessions with the Indian business community and leaders in KSA further underscored the influential role played by both groups in the Saudi economy.
The event also highlighted the strategic significance of India-Saudi Arabia ties, evident through the establishment of the India-Saudi Arabia Strategic Partnership Council (SPC) in 2019. Comprising two core committees, one focused on political, security, social, and cultural cooperation, and the other on economy and investments, the SPC solidifies the relationship between the two nations. India stands as the fourth country, following the UK, France, and China, to form such a partnership with Riyadh.
Shri Goyal’s participation in the 7th FII lays a robust foundation for deepening bilateral ties and promoting collaboration across various sectors between India and Saudi Arabia.
