Goyal highlights critical role of international partnerships
Commerce and Industry Minister Piyush Goyal has 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 commerce.gov.in.
He made the call during a visit to the Riyadh, strengthening India-Saudi Arabia economic ties at the 8th Edition of Future Investment Initiative.
Goyal participated in the Plenary Session of the 8th 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 sbi.com.in.
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, Prince Abdulaziz bin Salman Al-Saud on 30 Oct 2024 in Riyadh bseindia.
The Strategic Partnership Council was established in 2019, following the visit of Prime Minister Narendra Modi to the Kingdom in October 2019 nseindia.
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 deutsche-boerse.
He held ministerial engagements focused on collaborative initiatives in trade, energy, and technology with the Kingdom’s Minister of Energy, Minister of Industry and Mineral Resources and Minister of Investment sgx.com/.
These engagements 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 pif.gov.sa.
The agreements emphasize cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth saudiexchange.sa/.
Goyal also discussed India’s economic landscape and investment opportunities across sectors with Peter Herweck, CEO of Schneider Electric, and William E. Ford, Chairman and CEO of General Atlantic.
In recent years, many bilateral agreements have been formalized between India and Saudi Arabia, covering sectors such as food exports, pharmaceuticals, electrical interconnectivity, energy, small and medium enterprises, digitization and electronic manufacturing alahli.com/en.
Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining among others aramco.com/.
The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest saib.com.sa.
Goyal also interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia and emphasized the role of chartered accountants in supporting India’s expanding global trade network gccapac.
Discussions highlighted ICAI’s efforts to promote Indian standards globally, including initiatives to upskill professionals and bolster India’s position in global financial services chamber.sa.
At the Indian Embassy in Riyadh, he unveiled the ‘One District, One Product’ (ODOP) Wall, featuring unique products from various districts across India. The ODOP initiative, part of the Government of India’s “Vocal for Local” campaign, aims to promote regional craftsmanship by showcasing the rich cultural heritage of India through distinctive, high-quality products tradefairdates.
This visit marked a significant milestone in strengthening the strategic partnership between India and the Kingdom, said the Ministry of Commerce and Industry investindia.gov.in.
“It underscores both nations’ commitment to deepening economic ties and addressing global challenges through collaborative efforts. 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 in a release on 1 Nov saudiexports.gov.sa. fiinews.com
