Summary:

India and Saudi Arabia are engaging in new industries such as fintech, clean hydrogen, and mining to improve trade connections, as addressed by Commerce Minister Piyush Goyal during his visit to Riyadh. He co-chaired the Economy and Investment Committee meeting alongside Saudi Energy Minister Abdulaziz bin Salman Al-Saud. At the Future Investment Initiative event, Goyal emphasized investment opportunities in India's high-growth sectors, including artificial intelligence, renewable energy, and advanced manufacturing.

India is Saudi Arabia's second-largest trading partner, while Saudi Arabia is India's fourth-largest. Bilateral trade totaled US$ 43 billion (Rs. 3.56 lakh crore) in 2023-24, down from US$ 53 billion (Rs. 4.39 lakh crore) in 2022–23. Over 2,700 Indian enterprises operate in Saudi Arabia, with total investments of approximately US$ 2 billion (Rs. 20,000 crore). Saudi Arabia has invested around US$ 3.22 billion (Rs. 32,243 crore) in India.

Source: IBEF

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