Goyal attends Future Investment Initiative meet in Riyadh, meets Saudi ministers

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IANS | 25 Oct, 2023
Commerce Minister Piyush Goyal attended the 7th edition of Future Investment Initiative (FII) meet in Riyadh from October 24 to 25.

He also met several dignitaries from the host country including Saudi Arabian Energy Minister Prince Abdul Aziz Bin Salman Al-Saud, Commerce Minister Majid bin Abdullah AlKassabi, and Investment Minister Khalid Al Falih.

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 Saudi Investment Minister.

This was followed by a bilateral meeting where the two ministers deliberated expansion of investment across diverse sectors to foster economic growth and further enhance strategic partnership between the two countries.

Goyal also held bilateral meetings with Saudi Arabian Industry and Mineral Resources Minister Bandar bin Ibrahim AlKhorayef, CEO NEOM Nadhmi Al Nasr, and Governor of Public Investment Fund (PIF) Yassir Rummayyan.

Discussions pertained to improvement in bilateral relations, especially in the field of commerce and industry.

Goyal also took part in the business round table organised 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 $52.75 billion in 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 MoU in Goyal's presence to further enhance commercial partnership.

Goyal also met World Bank President Ajay Banga and prominent business leaders on the sidelines of the FII. He held interactive sessions with Indian business leaders and the Indian community in Saudi Arabia, both constituting a respectable part of the Saudi economy.

Saudi Arabia is one of India’s most important strategic partners. The level of cooperation between the two countries can also be witnessed with the establishment of India-Saudi Arabia Strategic Partnership Council (SPC).