India-Saudi Arabia recorded $52.75bn bilateral trade in 2022-23
Commerce and Industry Minister Piyush Goyal has highlighted multiple opportunities in India during the Business Round Table organized at the Federation of Saudi Chambers.
He also pointed out the all-time high trade between the India and Saudi Arabia which was US$52.75 billion in FY 2022-23.
The Confederation of Indian Industry and the Federation of Saudi Chambers of Commerce have signed a Memorandum of Understanding (MoU) in the presence of the Minister to further enhance commercial partnership.
Goyal attended the 7th Edition of Future Investment Initiative (FII) in Riyadh held 24-25 Oct 2023, and met several dignitaries from the host country including the Energy Minister Prince Abdul Aziz bin Salman Al-Saud, Commerce Minister Majid bin Abdullah AlKassabi and Investment Minister Khalid A. Al Falih.
Saudi Arabia is one of India’s most important strategic partners, the Ministry of Commerce and Industry said on 25 Oct 2023.
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. Fiinews.com
