Union commerce and business minister Piyush Goyal will go to Saudi Arabia on Tuesday to additional deepen bilateral strategic partnership and discover new avenues of commerce, funding, and financial cooperation, an official assertion from the ministry mentioned on Monday.
Commerce and business minister Piyush Goyal. (AP Picture)
Goyal’s two-day go to is important as a result of oil-rich Saudi Arabia is India’s vital and dependable supply of crude provides as India imports about 87% crude oil Saudi processes.
The minister can be scheduled to take part within the eighth version of the Future Funding Initiative (FII) in Riyadh, a vital platform that brings collectively world leaders, buyers, and innovators.
Through the go to, the minister may even inaugurate the Diwali Utsav at Lulu Hypermarket in Riyadh, work together with the colourful Indian group, chartered accountants and rising leaders of the Indian diaspora from numerous walks of life, the assertion mentioned. Goyal will unveil the One District, One Product (ODOP) Wall on the Indian Embassy, selling India’s wealthy cultural heritage and native craftsmanship on a worldwide 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 mentioned.
Goyal may even meet potential buyers who’re eager to take part in India’s development 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 assertion mentioned.
The minister will maintain bilateral conferences with Saudi ministers, together with ministers of commerce, business and mineral sources, funding, and power. He’ll talk about collaborative efforts in power transition, digital transformation, and commerce facilitation throughout his interplay with these ministers.
Goyal may even co-chair the 2nd Ministerial Assembly of the Financial system and Funding Committee underneath the India-Saudi Strategic Partnership Council, specializing in sectors like agriculture, meals safety, power, expertise, and infrastructure, the assertion added.