India and Saudi Arabia Seek Collaboration in Emerging Sectors for Trade Growth
Key Ideas
- India and Saudi Arabia aim to enhance trade and investment ties by exploring collaboration in sectors like fintech, energy efficiency, clean hydrogen, textiles, and mining.
- The recent meeting between ministers from both countries discussed opportunities in emerging fields during the visit to Riyadh.
- Indian companies have a significant presence in Saudi Arabia, with over 2,700 firms already operating in the Kingdom.
- Saudi Arabia has made direct investments of USD 3.22 billion in India from April 2000 to June 2024, indicating a strong economic partnership.
India and Saudi Arabia are looking to strengthen their trade and investment relationship by delving into various sectors such as fintech, energy efficiency, clean hydrogen, textiles, and mining. The recent meeting between Commerce and Industry Minister Piyush Goyal and Saudi Minister of Energy Abdulaziz bin Salman Al-Saud in Riyadh highlighted the potential for collaboration in these emerging fields. Minister Goyal also emphasized the opportunities for global investors in India, particularly in high-growth sectors like artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing. Saudi Arabia stands as India's fourth largest trading partner, with bilateral trade amounting to USD 43 billion in 2023-24. Notably, over 2,700 Indian companies have a presence in Saudi Arabia, with investments totaling around USD 2 billion in the Kingdom. Furthermore, Saudi direct investments in India have reached USD 3.22 billion, indicating a significant level of economic engagement between the two nations.