Oct 28, 2024 04:18 PM IST
Goyal’s two-day visit is significant because Saudi Arabia is India’s important and reliable source of crude supplies as India imports about 87% crude oil Saudi processes.
Union commerce and industry minister Piyush Goyal will visit Saudi Arabia on Tuesday to further deepen bilateral strategic partnership and explore new avenues of trade, investment, and economic cooperation, an official statement from the ministry said on Monday.
Goyal’s two-day visit is significant because oil-rich Saudi Arabia is India’s important and reliable source of crude supplies as India imports about 87% crude oil Saudi processes.
The minister is also scheduled to participate in the 8th edition of the Future Investment Initiative (FII) in Riyadh, a crucial platform that brings together global leaders, investors, and innovators.
During the visit, the minister will also inaugurate the Diwali Utsav at Lulu Hypermarket in Riyadh, interact with the vibrant Indian community, chartered accountants and emerging leaders of the Indian diaspora from various walks of life, the statement said. Goyal will unveil the One District, One Product (ODOP) Wall at the Indian Embassy, promoting India’s rich cultural heritage and local craftsmanship on a global scale.
“The visit to Riyadh for the 8th FII will lay a strong foundation to advance business-to-business engagement and deepen strategic partnerships. His participation will highlight India’s rapid economic growth, its focus on sustainable development, AI, and the immense opportunities in sectors like renewable energy, digital infrastructure, and advanced manufacturing,” it said.
Goyal will also meet potential investors who are keen to participate in India’s growth story. “These interactions aim to strengthen investor confidence, facilitate investment flows, and promote India as a preferred global investment destination, aligning with the Make in India initiative,” the statement said.
The minister will hold bilateral meetings with Saudi ministers, including ministers of commerce, industry and mineral resources, investment, and energy. He will discuss collaborative efforts in energy transition, digital transformation, and trade facilitation during his interaction with these ministers.
Goyal will also co-chair the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council, focusing on sectors like agriculture, food security, energy, technology, and infrastructure, the statement added.
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