India and Saudi Arabia Foster Collaboration in Emerging Fields for Trade Growth
Key Ideas
- India and Saudi Arabia aim to enhance trade and investment ties by exploring collaboration in fintech, energy efficiency, clean hydrogen, textiles, and mining.
- Commerce Minister Piyush Goyal co-chaired a meeting in Riyadh discussing various emerging fields under the India-Saudi Strategic Partnership Council.
- The bilateral trade between the two countries was USD 43 billion in 2023-24, with over 2,700 Indian companies operating in Saudi Arabia and significant investments from both sides.
- India's call for global investors to tap into opportunities in high-growth sectors like AI, renewable energy, digital infrastructure, and advanced manufacturing was well received.
India and Saudi Arabia are actively exploring collaboration in emerging fields such as fintech, new technologies, energy efficiency, clean hydrogen, textiles, and mining to strengthen their trade and investment relations. During a recent meeting in Riyadh, Commerce Minister Piyush Goyal and Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman Al Saud discussed these areas under the India-Saudi Strategic Partnership Council. The bilateral trade between the two countries reached USD 43 billion in 2023-24, with India being the second largest trade partner for Saudi Arabia. Over 2,700 Indian companies have investments worth about USD 2 billion in the Kingdom. Saudi Arabia's direct investments in India totaled USD 3.22 billion from April 2000 to June 2024. The ministers also emphasized the importance of seizing opportunities in high-growth sectors like AI, renewable energy, digital infrastructure, and advanced manufacturing. The collaborative efforts aim to further enhance economic ties and create new avenues for trade growth and investment between the two nations.