Piyush Goyal to embark on 2-day visit to Saudi Arabia

New Delhi: Union Commerce and Industry Ministry Piyush Goyal will be attending the 7th Edition of Future Investment Initiative (FII) in Riyadh, Saudi Arabia on Tuesday and Wednesday to further strengthen the partnership between the two countries, according to an official statement issued on Monday.

During the course of the event, Goyal will meet Saudi Arabian dignitaries including the Energy Minister Prince Abdul Aziz Bin Salman Al-Saud, Commerce Minister Majid bin Abdullah Al Kassabi and Investment Minister Khalid A. Al Falih.

The Union Minister will co-chair a conclave session on the theme, “From Risk to Opportunity: Strategies for Emerging Economies in the New Industrial Policy Era”, along with the Saudi Investment Minister.

He will interact with the Indian community that forms an influential part of the Saudi economy and is also expected to meet business leaders and leading CEOs from across the world, the statement said.

FII Institute is a global non-nprofit foundation, launched by Saudi Arabia.

It aims to gather Government and business leaders from around the world to discuss new pathways for investment with the goal to create a global “Impact On Humanity”. Its four areas of focus are Artificial Intelligence (AI) & Robotics, Education, Healthcare, and Sustainability.

Theme for the 7th Edition of FII is “The New Compass” that focuses on the New Global Order.

The event is expected to witness participation from world’s leading investors, business leaders, policymakers, inventors, and explorers.

In subsequent meetings, the attendees will come together to deliberate and discover the new markets and navigate new frontiers of economic growth and prosperity.

Saudi Arabia is one of India’s most important strategic partners. The trade between the two countries reached an all-time high of $52.75 billion in FY 2022-23.

The bilateral cooperation has been strengthened with the establishment of India-Saudi Arabia Strategic Partnership Council (SPC).

Established in 2019, it has two main pillars: the ‘Committee on Political, Security, Social, and Cultural Cooperation’ and the ‘Committee on Economy and Investments’.

India is the fourth country with which Riyadh has formed such a partnership, after the UK, France, and China.

In September , Prime Minister Narendra Modi and Saudi Arabian Crown Prince Mohammed Bin Salman co-chaired the first summit-level meeting of SPC.

The meeting focused on critical areas such as energy security, trade and investment, defence and security, healthcare and food security.

“The Prime Minister envisions cooperation between the two large and fast-growing economies of the world as this mutual cooperation is important for peace and stability in the entire region,” the official statement added.