India and Saudi Arabia exploring collaboration in fintech, energy efficiency

India and Saudi Arabia are exploring collaboration in key emerging sectors such as fintech, new technologies, energy efficiency, clean hydrogen, textiles, and mining to strengthen trade and investment relations, as discussed during Commerce and Industry Minister Mr. Piyush Goyal’s recent visit to Riyadh. Mr. Goyal co-chaired the second meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) alongside Saudi Arabia’s Minister of Energy, Mr. Abdulaziz bin Salman Al-Saud. At the Future Investment Initiative (FII) event, Goyal highlighted investment opportunities in India’s high-growth sectors, including artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing.

India is Saudi Arabia's second-largest trade partner, while Saudi Arabia ranks as India's fourth-largest trading partner, with bilateral trade reaching US$ 43 billion (Rs. 3.56 lakh crore) in 2023-24, a decrease from US$ 53 billion (Rs. 4.39 lakh crore) in 2022-23. Over 2,700 Indian companies operate in Saudi Arabia as joint ventures or wholly-owned entities, with total investments valued at approximately US$ 2 billion (Rs. 20,000 crore) in the Kingdom. Additionally, Saudi Arabia has invested directly around US$ 3.22 billion (Rs. 32,243 crore) in India from April 2000 to June 2024, underlining the strong economic ties between the two nations.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.