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New Delhi: Union minister for commerce and industry Piyush Goyal concluded a visit to Saudi Arabia, urging global investors to tap into India’s rapidly growing high-tech sectors—artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing—which he highlighted as promising areas for investment, the ministry said on Friday. Goyal, who highlighted the critical role of international partnerships and economic diplomacy in fostering global cooperation, innovation, technological advancement, and investment during his visit, participated in the plenary session of the Future Investment Initiative (FII), with representatives from global governments and the industry. During his visit, Goyal co-chaired the second ministerial meeting of the economy and investment committee under the India-Saudi Strategic Partnership Council (SPC) with Saudi Arabia’s minister of energy Prince Abdulaziz bin Salman Al-Saud, in Riyadh.
Also read | Saudi Arabia’s investment fund has been set an impossible task SPC with Saudi Established in 2019 following prime minister Narendra Modi's visit to Saudi Arabia, the SPC aims to deepen economic cooperation between the two nations across various strategic sectors. "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," the ministry said in a statement. "They noted the deepening of bilateral economic partnership between India and Saudi Arabia and deliberated on ways to enhance trade and investment," it added.
Goyal also met the ministers of energy, industry and mineral resources, and investment during his Saudi Arabia visit. Also read | India's economic boom fuels a rush for law grads. But many are still left out.
"These engagements focused on collaborative initiatives in trade, energy, and technology. 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," the ministry said. Meetings with ministers, global CEOs "The agreements emphasise cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth," it added.
Goyal also met with Peter Herweck, CEO of Schneider Electric, and William E. Ford, chairman and CEO of General Atlantic, to discuss India's economic landscape and investment opportunities across sectors. Bilateral agreements between India and Saudi Arabia have grown in recent years, spanning sectors like food exports, pharmaceuticals, energy, and electronic manufacturing.
Both countries are exploring collaborations in emerging sectors such as fintech, clean hydrogen, and energy efficiency. These partnerships aim to build a robust and diversified economic foundation, with the committee meeting reaffirming their dedication to mutual progress. Odop initiative During his visit, Goyal unveiled the One District, One Product (Odop) Wall, featuring unique products from various districts across India at the Indian embassy in Riyadh.
"The Odop initiative, part of the government's “Vocal for Local” campaign, aims to promote regional craftsmanship by showcasing the rich cultural heritage of India through distinctive, high-quality products," the ministry said. Also read | Brace for GenAI letting the early adopters of this technology down "This visit marks a significant milestone in strengthening the strategic partnership between India and Saudi Arabia. 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," it added..
