Union Minister of Commerce and Industry Shri Piyush Goyal attends 7th Future Investment Initiative in Riyadh, Saudi Arabia

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal attended the 7th Edition of Future Investment Initiative (FII) in Riyadh from 24th to 25th October 2023. He met several dignitaries from the host country of Kingdom of Saudi Arabia (KSA) including the Energy Minister His Royal Highness (HRH) Prince Abdul Aziz Bin Salman Al-Saud, Commerce Minister His Excellency (H.E.) Majid bin Abdullah AlKassabi, and Investment Minister H.E. Khalid A. Al Falih.

Shri 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 expansion of investment across diverse sectors to foster economic growth and further enhance strategic partnership between the two countries.

Shri Goyal also held bilateral meetings with KSA Commerce Minister H.E. Majid bin Abdullah AlKassabi, Industry and Mineral Resources Minister H.E. Bandar bin Ibrahim AlKhorayef, CEO NEOM Mr. Nadhmi Al Nasr, and Governor Public Investment Fund (PIF) H.E. 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. 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.

Shri Piyush Goyal met Mr. 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 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.

In this context, the presence of the Shri Goyal in the 7th FII laid the foundation for further enhancement of bilateral ties and cooperation between the two countries in various fields.