India’s commerce and industry minister to attend investment initiative in Saudi capital
Piyush Goyal will attend the 7th Edition of the Future Investment Initiative (FII) exhibition which will be held in Riyadh on 24-25 October
The event will bring together world leaders to explore new investment opportunities aimed at making a meaningful impact on humanity, the Ministry of Commerce and Industry said in a press release, as reported by ANI, a partner of TV BRICS.
Minister Goyal is scheduled to hold meetings with several dignitaries of the Kingdom of Saudi Arabia, including the Minister of Energy, Prince Abdul Aziz Bin Salman Al-Saud, Minister of Commerce, Minister of Investment and others.
Goyal will co-chair a conclave session with Saudi Arabia’s Minister of Investment on the theme “From Risk to Opportunity: Strategies for Emerging Economies in the New Industrial Policy Era”.
The event is expected to gather key information on capitalising on economic opportunities in emerging markets.
In addition to these official engagements, Piyush Goyal will meet representatives of the influential Indian community in Saudi Arabia, which plays a significant role in the kingdom’s economy. He will also meet prominent business leaders and CEOs from around the world, said a press release.
Under the theme “The New Compass,” the 7th Edition of FII will focus on the dynamics of the New Global Order. The event will bring together world-renowned investors, business leaders, policymakers, inventors and researchers. Together, they will engage in discussions on new markets and pathways to economic growth and prosperity, said the press release.
Saudi Arabia is India’s most important strategic partner and bilateral trade between the two countries reached a record $52.75 billion in FY 2022/23. The countries’ cooperation is highlighted by the establishment of the India-Saudi Arabia Strategic Partnership Council (SPC) in 2019, which has significantly strengthened their relationship. The SPC focuses on areas such as political cooperation, security, social and cultural cooperation, economy and investment.
In September 2023, Prime Minister Narendra Modi and Crown Prince Mohammed Bin Salman Al Saud of Saudi Arabia co-chaired the first SPC summit meeting. The discussions covered important areas such as energy security, trade and investment, defence, security, health and food security, said the press release.
The two leaders shared an attitude of cooperation between the world’s two major and fast-growing economies to ensure regional peace and stability.
Piyush Goyal’s presence at the 7th FII is intended to further strengthen the strategic partnership and promote joint action between India and Saudi Arabia in various fields.