Piyush Goyal, Saudi Investment Minister discuss ways to deepen economic, trade ties

New Delhi, Nov 12 (IANS) Commerce and Industry Minister Piyush Goyal on Wednesday met Saudi Arabia's Investment Minister Khalid Al Falih and discussed ways to further deepen economic and trade ties between the two nations.

The discussions centred around advancing trade and investment in tech, energy, infrastructure and startups, among other sectors.

“It was a pleasure to meet Saudi Arabia's Minister of Investment, @Khalid_AlFalih, along with his delegation. We discussed ways to further deepen India-Saudi Arabia economic ties, advancing trade and investment in tech, energy, infrastructure, and startups among other sectors,” Goyal said in a post on X social media platform.

Commerce Minister further said that “our partnership continues to grow stronger, built on mutual trust and shared prosperity”.

Bilateral trade between the two countries reached $41.88 billion in 2024-25, with chemicals and petrochemicals contributing 10 per cent, which is nearly $4.5 billion.

Last month, Goyal attended the 7th edition of Future Investment Initiative (FII) meet in Riyadh, where he met several dignitaries from the host country, including Saudi Arabian Energy Minister Prince Abdul Aziz Bin Salman Al-Saud, Commerce Minister Majid bin Abdullah AlKassabi, and Investment Minister Khalid Al Falih.

He addressed the 7th Edition of FII in one of the plenary sessions titled "The Coming Investment Mandate". He also co-chaired a conclave session on the theme “From Risk to Opportunity: Strategies for Emerging Economies in the New Industrial Policy Era” along with the Saudi Investment Minister.

This was followed by a bilateral meeting where the two ministers deliberated expansion of investment across diverse sectors to foster economic growth and further enhance strategic partnership between the two countries.

Saudi Arabia is one of India’s most important strategic partners. The level of cooperation between the two countries can also be witnessed with the establishment of India-Saudi Arabia Strategic Partnership Council (SPC).

India and Saudi Arabia have also decided to enhance bilateral cooperation in the chemicals and petrochemicals sector, promoting investments and exploring new areas of collaboration.

--IANS

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