Union Minister Piyush Goyal to attend future investment initiative in Riyadh, Saudi Arabia
Oct 23, 2023
New Delhi [India], October 23 : Union Minister of Commerce and Industry, Piyush Goyal, will participate in the 7th Edition of the Future Investment Initiative (FII) taking place in Riyadh, Saudi Arabia from October 24 to 25.
This event will bring together global leaders to explore new investment opportunities aimed at creating a meaningful impact on humanity, read the press release by the Ministry of Commerce and Industry.
During the event, Minister Goyal will hold meetings with several dignitaries from the Kingdom of Saudi Arabia (KSA), including Prince Abdul Aziz Bin Salman Al-Saud, the Energy Minister of KSA; Majid bin Abdullah AlKassabi, the Commerce Minister; Khalid A. Al Falih, the Investment Minister; Bandar bin Ibrahim AlKhorayef, the Industry and Mineral Resources Minister and Yassir Rummayyan, Governor of the Public Investment Fund (PIF), among others, read the press release.
Goyal is set to co-chair a conclave session with the KSA Investment Minister, focusing on "From Risk to Opportunity: Strategies for Emerging Economies in the New Industrial Policy Era."
This event is expected to gather key insights into navigating economic opportunities in emerging markets.
In addition to these official engagements, Piyush Goyal will connect with the influential Indian community in Saudi Arabia, which plays a significant role in the Saudi economy. He will also meet with prominent business leaders and CEOs from across the globe, read the press release.
The FII Institute, a global nonprofit foundation launched by KSA, is the driving force behind this summit. It aspires to unite government and business leaders from around the world to explore new pathways for investment with a focus on "Impact On Humanity."
The areas of focus include Artificial Intelligence (AI) and robotics, Education, Healthcare, and Sustainability.
Under the theme "The New Compass," the 7th Edition of FII will delve into the dynamics of the New Global Order. The event will draw world-renowned investors, business leaders, policymakers, inventors, and explorers. Together, they will engage in discussions about new markets and avenues for economic growth and prosperity, read the press release.
Saudi Arabia is a crucial strategic partner for India, and the bilateral trade between the two nations reached an all-time high of USD 52.75 billion in FY 2022-23. The countries' collaboration is underscored by the establishment of the India-Saudi Arabia Strategic Partnership Council (SPC) in 2019, which has significantly enhanced their relationship. SPC focuses on areas such as political, security, social, and cultural cooperation, as well as the economy and investments.
Notably, India is the fourth country to form such a partnership with Riyadh, following the UK, France, and China.
In September 2023, Prime Minister Narendra Modi and KSA Crown Prince Mohammed Bin Salman Al Saud jointly chaired the first summit-level meeting of SPC. The discussions addressed critical areas, including energy security, trade and investment, defence, security, healthcare, and food security, read the press release.
Both leaders share the vision of leveraging the cooperation between two of the world's large and fast-growing economies to ensure regional peace and stability.
Union Minister Piyush Goyal's presence at the 7th FII is poised to further strengthen the strategic partnership and promote collaborative efforts between India and Saudi Arabia in various domains.
