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Piyush Goyal calls on international investors to explore emerging opportunities in India
Union Minister of Commerce and Industry Piyush Goyal has concluded a productive visit to the Kingdom of Saudi Arabia, marking a new chapter in the India-Saudi economic relationship. During his visit on October 29-30, 2024, Goyal participated in the 8th Edition of the Future Investment Initiative (FII) in Riyadh, where he represented India in discussions alongside global leaders and industry representatives. His visit emphasised India’s commitment to fostering international partnerships, promoting economic diplomacy, and advancing India-Saudi ties.
The FII, a flagship event in Saudi Arabia’s investment landscape, serves as a platform for global economic collaboration. Goyal called on international investors to explore emerging opportunities in India, especially in high-potential sectors like artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing. He underscored India’s unique position as a growth driver in these fields and encouraged foreign investments to support India’s journey toward a tech-driven economy.
India-Saudi Strategic Partnership Council
Goyal co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC), alongside Prince Abdulaziz bin Salman Al-Saud, Minister of Energy for the Kingdom of Saudi Arabia. The SPC, established in 2019 following the visit of Indian Prime Minister Narendra Modi to Saudi Arabia, aims to deepen economic cooperation across various strategic sectors.
The ministerial meeting, held on October 30, 2024, in Riyadh, reviewed the progress achieved by four Joint Working Groups within the SPC framework: Agriculture and Food Security, Energy, Technology and Information Technology, and Industry and Infrastructure. These groups are designed to facilitate comprehensive economic engagement, focusing on sustainable and mutually beneficial areas of collaboration.
“The committee noted the deepening of the bilateral economic partnership and deliberated on enhancing trade and investment between the two nations,” stated the Ministry of Commerce. Goyal highlighted the commitment to advancing this collaboration in critical areas, with a strong emphasis on innovation, digital transformation, and the exchange of expertise to drive economic growth.
Focus on Collaborative Effort Initiatives
The minister’s engagements included meetings with Saudi Arabia's key ministers in energy, industry, and investment. The discussions covered a range of collaborative initiatives focusing on energy transition, digital transformation, and trade. These meetings resulted in actionable agreements aimed at increasing trade volumes and ensuring the smooth flow of investments between India and Saudi Arabia.
The agreements emphasize advancing energy transition and digital transformation, alongside bolstering cooperation in traditional sectors like trade. By streamlining collaboration across these areas, both nations seek to establish a sustainable foundation for economic growth. The ministerial discussions are expected to unlock new avenues for cooperation and innovation, enhancing the bilateral trade relationship between India and Saudi Arabia.
During his visit, Goyal also met with influential industry leaders, including Peter Herweck, CEO of Schneider Electric, and William E. Ford, Chairman and CEO of General Atlantic. The discussions focused on investment opportunities in India’s growing sectors, reflecting the optimism and mutual interest of global investors toward India’s economic prospects.
Expanding Bilateral Cooperation in Emerging Sectors
India and Saudi Arabia have made significant strides in strengthening their partnership through bilateral agreements covering sectors such as food exports, pharmaceuticals, and energy. More recently, both countries have explored collaborations in emerging fields like fintech, clean hydrogen, energy efficiency, and digitization.
As global interest in sustainable energy solutions and technology-based economies grows, the India-Saudi partnership has shifted toward advanced sectors, including electronic manufacturing, small and medium enterprises, and new-age technologies. The recent ministerial meeting reiterated the importance of these fields and reaffirmed the commitment to mutual progress through focused efforts and shared expertise.
One District, One Product (ODOP) and Strengthening Cultural Ties
In a further nod to India’s cultural heritage, Goyal unveiled the One District, One Product (ODOP) Wall at the Indian Embassy in Riyadh. The ODOP initiative, an important part of the Indian government’s “Vocal for Local” campaign, aims to promote India’s regional craftsmanship by highlighting distinctive, high-quality products from different districts.
The ODOP Wall featured unique products representing India’s diversity, from handicrafts to agricultural goods, giving Saudi residents and investors a glimpse into India’s regional specialties. The initiative was lauded as a step toward promoting sustainable trade practices and creating opportunities for India’s small and medium enterprises.
Goyal also inaugurated the Lulu Wali Diwali Festival at the Lulu Hypermarket by lighting a large LED Diya, marking India’s Festival of Lights in Saudi Arabia. The festival, a collaborative endeavor between India and Saudi Arabia, brings the spirit of Diwali to Saudi residents, showcasing traditional Indian products such as festive decorations, specialty foods, and artisanal handicrafts.
During his visit, Goyal interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia, where he highlighted the critical role chartered accountants play in supporting India's global trade network. Discussions centered on ICAI’s efforts to standardize and promote Indian financial practices internationally, emphasizing the importance of upskilling professionals to meet the demands of India’s expanding economic footprint.
This visit marks a significant milestone in the India-Saudi strategic partnership, reinforcing both nations’ commitment to deepen their economic and cultural ties. Goyal’s participation at the Future Investment Initiative and his productive ministerial meetings underscore the importance of economic diplomacy in today’s interconnected world. The actionable agreements reached during this visit are expected to drive investment, innovation, and trade, fostering economic growth for both nations.
As India continues to emerge as a global economic powerhouse, its partnership with Saudi Arabia serves as a testament to the strength of cross-border collaboration. The outcomes of Goyal’s visit pave the way for greater engagement, promising a new era of strategic cooperation between India and Saudi Arabia in the fields of technology, energy, and cultural exchange.
The FII, a flagship event in Saudi Arabia’s investment landscape, serves as a platform for global economic collaboration. Goyal called on international investors to explore emerging opportunities in India, especially in high-potential sectors like artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing. He underscored India’s unique position as a growth driver in these fields and encouraged foreign investments to support India’s journey toward a tech-driven economy.
India-Saudi Strategic Partnership Council
Goyal co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC), alongside Prince Abdulaziz bin Salman Al-Saud, Minister of Energy for the Kingdom of Saudi Arabia. The SPC, established in 2019 following the visit of Indian Prime Minister Narendra Modi to Saudi Arabia, aims to deepen economic cooperation across various strategic sectors.
The ministerial meeting, held on October 30, 2024, in Riyadh, reviewed the progress achieved by four Joint Working Groups within the SPC framework: Agriculture and Food Security, Energy, Technology and Information Technology, and Industry and Infrastructure. These groups are designed to facilitate comprehensive economic engagement, focusing on sustainable and mutually beneficial areas of collaboration.
“The committee noted the deepening of the bilateral economic partnership and deliberated on enhancing trade and investment between the two nations,” stated the Ministry of Commerce. Goyal highlighted the commitment to advancing this collaboration in critical areas, with a strong emphasis on innovation, digital transformation, and the exchange of expertise to drive economic growth.
Focus on Collaborative Effort Initiatives
The minister’s engagements included meetings with Saudi Arabia's key ministers in energy, industry, and investment. The discussions covered a range of collaborative initiatives focusing on energy transition, digital transformation, and trade. These meetings resulted in actionable agreements aimed at increasing trade volumes and ensuring the smooth flow of investments between India and Saudi Arabia.
The agreements emphasize advancing energy transition and digital transformation, alongside bolstering cooperation in traditional sectors like trade. By streamlining collaboration across these areas, both nations seek to establish a sustainable foundation for economic growth. The ministerial discussions are expected to unlock new avenues for cooperation and innovation, enhancing the bilateral trade relationship between India and Saudi Arabia.
During his visit, Goyal also met with influential industry leaders, including Peter Herweck, CEO of Schneider Electric, and William E. Ford, Chairman and CEO of General Atlantic. The discussions focused on investment opportunities in India’s growing sectors, reflecting the optimism and mutual interest of global investors toward India’s economic prospects.
Expanding Bilateral Cooperation in Emerging Sectors
India and Saudi Arabia have made significant strides in strengthening their partnership through bilateral agreements covering sectors such as food exports, pharmaceuticals, and energy. More recently, both countries have explored collaborations in emerging fields like fintech, clean hydrogen, energy efficiency, and digitization.
As global interest in sustainable energy solutions and technology-based economies grows, the India-Saudi partnership has shifted toward advanced sectors, including electronic manufacturing, small and medium enterprises, and new-age technologies. The recent ministerial meeting reiterated the importance of these fields and reaffirmed the commitment to mutual progress through focused efforts and shared expertise.
One District, One Product (ODOP) and Strengthening Cultural Ties
In a further nod to India’s cultural heritage, Goyal unveiled the One District, One Product (ODOP) Wall at the Indian Embassy in Riyadh. The ODOP initiative, an important part of the Indian government’s “Vocal for Local” campaign, aims to promote India’s regional craftsmanship by highlighting distinctive, high-quality products from different districts.
The ODOP Wall featured unique products representing India’s diversity, from handicrafts to agricultural goods, giving Saudi residents and investors a glimpse into India’s regional specialties. The initiative was lauded as a step toward promoting sustainable trade practices and creating opportunities for India’s small and medium enterprises.
Goyal also inaugurated the Lulu Wali Diwali Festival at the Lulu Hypermarket by lighting a large LED Diya, marking India’s Festival of Lights in Saudi Arabia. The festival, a collaborative endeavor between India and Saudi Arabia, brings the spirit of Diwali to Saudi residents, showcasing traditional Indian products such as festive decorations, specialty foods, and artisanal handicrafts.
During his visit, Goyal interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia, where he highlighted the critical role chartered accountants play in supporting India's global trade network. Discussions centered on ICAI’s efforts to standardize and promote Indian financial practices internationally, emphasizing the importance of upskilling professionals to meet the demands of India’s expanding economic footprint.
This visit marks a significant milestone in the India-Saudi strategic partnership, reinforcing both nations’ commitment to deepen their economic and cultural ties. Goyal’s participation at the Future Investment Initiative and his productive ministerial meetings underscore the importance of economic diplomacy in today’s interconnected world. The actionable agreements reached during this visit are expected to drive investment, innovation, and trade, fostering economic growth for both nations.
As India continues to emerge as a global economic powerhouse, its partnership with Saudi Arabia serves as a testament to the strength of cross-border collaboration. The outcomes of Goyal’s visit pave the way for greater engagement, promising a new era of strategic cooperation between India and Saudi Arabia in the fields of technology, energy, and cultural exchange.
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