Union Minister Piyush Goyal attends 7th Future Investment Initiative in Saudi Arabia's Riyadh
Oct 25, 2023
New Delhi [India], October 25 : Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles Piyush Goyal attended the 7th Edition of Future Investment Initiative (FII) in Saudi Arabia's Riyadh.
In the two-day sessions held from October 24 to October 25, he met several dignitaries from the host country of the Kingdom of Saudi Arabia (KSA) including the Energy Minister Prince Abdul Aziz Bin Salman Al-Saud, Commerce Minister His Excellency Majid bin Abdullah AlKassabi, and Investment Minister Khalid A Al Falih.
Ministry of Commerce Industry stated that Piyush Goyal 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 KSA Investment Minister.
This was followed by a bilateral meeting where the two respective ministers deliberated the expansion of investment across diverse sectors to foster economic growth and further enhance strategic partnership between the two countries, the release stated.
Meanwhile, Goyal also held bilateral meetings with KSA Commerce Minister Majid bin Abdullah AlKassabi, Industry and Mineral Resources Minister Bandar bin Ibrahim AlKhorayef, CEO NEOM Nadhmi Al Nasr, and Governor Public Investment Fund (PIF) Yassir Rummayyan. Discussions pertained to improvement in bilateral relations, especially in the field of commerce and industry.
The Minister participated in the Business Round Table organized at the Federation of Saudi Chambers, and highlighted the multiple opportunities offered by India. The growing trade between the two countries reached an all-time high of USD 52.75 billion in FY 2022-23. The conference aimed at further strengthening the economic partnership between the two countries, it added.
The Confederation of Indian Industry and the Federation of Saudi Chambers of Commerce signed a Memorandum of Understanding (MoU) in the presence of the Minister to further enhance commercial partnership, the release read.
Goyal met Ajay Banga, President of the World Bank and prominent business leaders on the sidelines of the FII. He held interactive sessions with the Indian business leaders and the Indian community living in KSA, both constituting a respectable part of the Saudi economy.
KSA is one of India's most important strategic partners. Cooperation between the two countries can also be witnessed with the establishment of the India-Saudi Arabia Strategic Partnership Council (SPC). Established in 2019, it aims to enhance the relationship between the two countries and has two main pillars: the 'Committee on Political, Security, Social, and Cultural Cooperation' and the 'Committee on Economy and Investments'. India is the fourth country with which Riyadh has formed such a partnership, after the UK, France, and China.
