Indian Economy News

Union Minister of Commerce and Industry Mr. Piyush Goyal attended the 7th Future Investment Initiative in Riyadh, Saudi Arabia

On October 24-25, 2023, in Riyadh, Saudi Arabia, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Mr. Piyush Goyal, attended the 7th Edition of Future Investment Initiative (FII).

He met several dignitaries from the host country of the Kingdom of Saudi Arabia (KSA) including the Energy Minister His Royal Highness (HRH) Prince Mr. Abdul Aziz Bin Salman Al-Saud, Commerce Minister His Excellency (H.E.) Mr. Majid bin Abdullah AlKassabi, and Investment Minister Mr. H.E. Khalid A. Al Falih.   

During one of the plenary sessions of the 7th Edition of FII, entitled "The Coming Investment Mandate," Mr. Piyush Goyal addressed the gathering. Along with the KSA Investment Minister, he co-chaired a conclave session on the theme "From Risk to Opportunity: Strategies for Emerging Economies in the New Industrial Policy Era." Subsequently, a bilateral meeting was held in which the respective ministers discussed ways to promote economic growth and strengthen the strategic cooperation between their two countries through the expansion of investment in various industries.

Furthermore, Mr. Piyush Goyal also had bilateral discussions with the Governor of the Public Investment Fund (PIF), Mr. H.E. Yassir Rummayyan, CEO of NEOM, Mr. H.E. Majid bin Abdullah Al Kassabi, Minister of Industry and Mineral Resources, and Minister of Commerce in the Kingdom. Improvements in bilateral relations, particularly in the areas of business and industry, were the subject of discussions.

The Minister highlighted the various opportunities that India offers while taking part in the Business Round Table hosted by the Federation of Saudi Chambers. In FY23, the two nations' expanding trade hit a record-breaking US$ 52.75 billion.

In order to strengthen their commercial partnership, the Confederation of Indian Industry and the Federation of Saudi Chambers of Commerce signed a Memorandum of Understanding (MoU) in the presence of the minister.


On the sidelines of the FII, Mr. Piyush Goyal met with notable business executives and Mr. Ajay Banga, President of the World Bank. He held interactive sessions with the Indian business leaders as well as the Indian Community living in KSA, both constituting a respectable part of the Saudi economy.

KSA is one of India's most significant strategic partners. The establishment of the India-Saudi Arabia Strategic Partnership Council (SPC) is another indication of the two countries’ cooperation. It was founded in 2019 with the goal of enhancing ties between the two countries. The ‘Committee on Political, Security, Social, and Cultural Cooperation’ and the ‘Committee on Economy and Investments’ are its two primary pillars. Following the UK, France, and China, Riyadh has established partnerships with India as the fourth nation.

In this regard, the presence of Mr. Piyush Goyal at the 7th FII established the foundation for future enhancements of bilateral relations and collaboration in a number of fields between the two nations.

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