Union Minister Piyush Goyal concludes visit to Saudi Arabia
Nov 01, 2024
New Delhi [India], November 1 : Union Minister of Commerce and Industry, Piyush Goyal, concluded his visit to Saudi Arabia, the Ministry of Commerce and Industry stated on Friday.
During his visit, 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, the ministry said.
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.
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, Prince Abdulaziz bin Salman Al-Saud on 30th October 2024 in Riyadh, the ministry stated.
The Strategic Partnership Council was established in 2019, following the visit of the Prime Minister 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 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, as per ministry's release.
The Union Minister also met with Peter Herweck, CEO of Schneider Electric and William E. Ford, Chairman and CEO of General Atlantic, to discuss India's economic landscape and investment opportunities across sectors.
India and Saudi Arabia have formalised many bilateral agreements in recent years, covering sectors such as food exports, pharmaceuticals, electrical interconnectivity, energy, small and medium enterprises, digitisation and electronic manufacturing.
Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc., the ministry added.
The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest, as per the commerce ministry.
The Union Minister also interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia and emphasised 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 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 outcomes of the discussions are expected to unlock new avenues for investment and trade, driving economic growth and innovation in both countries, the ministry added.
