Union Minister Mr. Piyush Goyal attended the 7th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, from October 24-25, 2023. During the event, he met with key figures from Saudi Arabia, including HRH Prince Abdul Aziz Bin Salman Al-Saud, the Energy Minister, H.E. Majid bin Abdullah AlKassabi, the Commerce Minister, and H.E. Khalid A. Al Falih, the Investment Minister. Mr. Goyal participated in plenary sessions, co-chairing a session on strategies for emerging economies and engaging in bilateral discussions focused on enhancing economic growth and strengthening strategic cooperation through expanded investments.
The Minister highlighted the business potential in India during the Business Round Table, where the expanding trade between India and Saudi Arabia, reaching a record US$ 52.75 billion in FY23, was emphasized. The Confederation of Indian Industry and the Federation of Saudi Chambers of Commerce signed an MoU to bolster their commercial partnership. Mr. Goyal also met with influential business leaders and engaged with the Indian community in Saudi Arabia.
Saudi Arabia holds a vital strategic partnership with India, marked by the India-Saudi Arabia Strategic Partnership Council established in 2019, comprising committees for political, security, social, cultural cooperation, and economic and investment matters. The Minister’s participation in the FII has paved the way for future advancements in bilateral relations and collaborations across various sectors between the two nations.
