Saudi Arab: Union Minister of Commerce and Industry Piyush Goyal on Sunday met Saudi Arabia’s Minister of Commerce and Information Minister Majid Alkasabi and discussed ways to attract investments to boost economic ties between New Delhi and Riyadh.
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Taking to Twitter, the Union Minister said, “Strengthening India-Saudi ties, Had a fruitful meeting with H.E. @malkassabi, Commerce Minister of KSA. To attract more investments to boost economic ties between India and Saudi Arabia.” and discussed ways to diversify bilateral trade.
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On the same day, Goyal met the Royal Commission of Jubail and Yanbu, Khalid Alsalem and identified a range of mutually beneficial opportunities to further strengthen economic cooperation between India and Saudi Arabia.
The Union Minister, who is on a two-day visit to Saudi Arabia, will co-chair the inaugural Ministerial Meeting of the Economic and Investment Committee along with Saudi Arabia’s Energy Minister Abdul Aziz bin Salman.
This Ministerial Committee is one of the two ministerial functionaries set up under the framework of the India-Saudi Arabia Strategic Partnership Council, which is headed by the Prime Minister of India and the Crown Prince of Saudi Arabia. According to an official statement issued by the two commerce and industry ministries, the ministers are expected to discuss the progress made under various joint working groups of the Committee on Economic and Investment.
Both sides are expected to prepare an action plan to further strengthen bilateral cooperation in a range of priority areas and projects, including the West Coast Refinery Project, Trans-Ocean Grid Connectivity, Green Hydrogen, Food Security, Energy Security and Pharmaceuticals ; and accelerate progress on the $100 billion investment in India announced by Crown Prince Mohammed bin Salman during his visit to India in February 2019.
Relations between India and Saudi Arabia are defined by a forward-looking strategic partnership that covers all major areas of cooperation. Economic ties are an important pillar of this partnership. India is the second largest trading partner of Saudi Arabia and Saudi Arabia is the fourth largest trading partner of India.
The visit of India to one of its strategic partners, Saudi Arabia, will give further impetus to this dynamic and ever-growing strategic partnership, and pave the way for new areas of cooperation that will further strengthen the commercial and trade ties between the two countries.