Commerce Minister Piyush Goyal will discuss collaborative efforts in energy transition, digital transformation, and trade facilitation with Saudi Arabia in meetings with key Ministers during his visit to the country this week.
“This visit aims to further deepen the India-Saudi Arabia strategic partnership and explore new avenues of trade, investment, and economic cooperation, underscoring India’s growing global economic presence,” per a statement issued by the Commerce & Industry Ministry on Monday.
Goyal, who will be in Saudi Arabia on October 29-30, 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.
Saudi Arabia is India’s fifth largest trading partner and accounted for bilateral trade of $42.87 billion in 2023-24.
Bilateral meetings are scheduled for Goyal with key Saudi ministers, including the Minister of Commerce, Minister of Industry & Mineral Resources, Minister of Investment and Minister of Energy, the statement added.
Goyal will also participate in the eighth edition of the Future Investment Initiative (FII) in Riyadh, a 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,” the statement noted.
On the sidelines of the FII, Goyal 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, aligning with the Make in India initiative,” it said.