Indian Economy News

Mr. Piyush Goyal concludes fruitful visit to Saudi Arabia

On September 18 and 19, Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, travelled to Saudi Arabia to attend the Ministerial Meeting of the India-Saudi Arabia Strategic Partnership Council. The Saudi Minister for Energy, his Royal Highness, Prince Abdulaziz bin Salman Al-Saud, co-chaired the Ministerial meeting of the Committee on Economy and Investments of the India-Saudi Arabia Strategic Partnership Council with Mr. Goyal.

The outcomes of this discussion were:

• Streamlining efforts to carry out the declaration of investments of USD $100 billion in India made by His Royal Highness Crown Prince Mohammad Bin Salman during his visit to India in February 2019.
• Support for the 41 areas of collaboration determined by the technical teams within the four primary categories of agriculture & food security, energy, technology & information technology, and industry & infrastructure.
• A commitment to carrying out important projects in a timely way. The following are some of the priority areas for cooperation:
  • Digital fintech sector cooperation through the operationalization of UPI and Rupay Card in the Kingdom of Saudi Arabia.
  • Reiteration of commitment to ongoing collaboration on joint projects, such as the construction of a refinery on the West Coast, an investment in LNG infrastructure, and the creation of strategic petroleum storage facilities in India.

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