India, Saudi Arabia commerce ministers discuss ways to promote trade ties

Commerce and Industry Minister Piyush Goyal on Wednesday held discussions with his Saudi Arabian counterpart Majid bin Abdullah AlKassabi on ways to further promote trade ties between the two countries.

Goyal was in Riyadh for two days to attend the seventh edition of Future Investment Initiative (FII).

"Discussed how the robust India-Saudi trade ties can be further scaled to make global supply chains more resilient," Goyal said on social platform X.

He also met Saudi Arabia Energy Minister Prince Abdul Aziz Bin Salman Al-Saud; Investment Minister Khalid A Al Falih; Industry and Mineral Resources Minister Bandar bin Ibrahim AlKhorayef; and Governor Public Investment Fund (PIF) Yassir Rummayyan.

Goyal talked about the multiple opportunities offered by India.

The bilateral trade between the countries stood at USD 52.75 billion in 2022-23 against USD 42.86 billion in 2021-22.

India received USD 3.22 billion in foreign direct investment from Saudi Arabia between April 2000 and June 2023.