Union Minister Piyush Goyal, Ministry of Commerce and Industry(MoC&I), visited the Kingdom of Saudi Arabia from 29th to 30th October 2024. He participated in the 8th Future Investment Initiative (FII8) and co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee in Riyadh, Saudi Arabia.
- This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia.
8th Edition of FII:
i.The 8th FII held from October 29 to 31, 2024 in Riyadh. The theme of 8th FII is “Infinite Horizons: Investing Today, Shaping Tomorrow”
ii.Union Minister Piyush Goyal participated in the Plenary Session of the 8th FII, with representatives from global Governments and the industry.
iii.It has successfully obtained over USD70 billion value in investment agreements.
2nd Ministerial Meeting of the Economy and Investment Committee:
i.Union Minister Piyush Goyal co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with His Royal Highness Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, Kingdom of Saudi Arabia, on 30th October 2024 in Riyadh, Saudi Arabia.
- The SPC was established in 2019, following the visit of the Prime Minister (PM) of India Narendra Modi to the Kingdom of Saudi Arabia in October 2019.
ii.The Committee reviewed the progress achieved by the 4 Joint Working Groups namely, Agriculture and Food Security; Energy; Technology and Information Technology; and Industry and Infrastructure.
iii.The committee also highlighted the deepening of the bilateral economic partnership between India and Saudi Arabia and deliberated on ways to enhance trade and investment.
Other Meetings:
i.The Union Minister also engaged in ministerial engagements in Riyadh, including with the Minister of Energy, Minister of Industry and Mineral Resources and Minister of Investment.
- These meetings were focused on collaborative initiatives in trade, energy, and technology.
- The meeting concluded with a series of actionable agreements, aimed at enhancing trade volumes and facilitating a smooth flow of investments between India and Saudi Arabia.
- The agreements were focused on cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth.
ii.Union Minister Piyush Goyal also met with Peter Herweck, Chief Executive Officer (CEO) of Schneider Electric and William E. Ford, Chairman and CEO of General Atlantic and discussed India’s economic landscape and investment opportunities across sectors.
iii.He also interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia. He underscored the role of chartered accountants (CA)in supporting India’s expanding global trade network.
- It underscores both nations’ commitment to deepening economic ties and addressing global challenges through collaborative efforts.
Lulu Wali Diwali Festival :
i.He launched the Lulu Wali Diwali Festival at the Lulu Hypermarket in Riyadh furthering India-Saudi cultural and economic ties.
- The Diwali Utsav, organised in partnership with Lulu Hypermarket, showcased an array of Indian products, from festive decor and traditional foods to handicrafts.
ii.He also unveiled a giant product wall comprising 10,000+ Indian products including Ghee from Uttarakhand, Ladakh Apple, Indian Cavendish banana, Dragon Fruit from Maharashtra, a new range of Millets based breakfast cereals, and Qaadu Organic beauty products.
ODOP Wall :
i.Union Minister unveiled the One District, One Product (ODOP) Wall, featuring unique products from various districts across India, at the Indian Embassy in Riyadh.
i.The ODOP initiative, part of India’s “Vocal for Local” campaign, aims to promote regional craftsmanship by showcasing the rich cultural heritage of India through distinctive, high-quality products.
About Saudi Arabia:
Crown Prince and Prime Minister(PM)– Mohammed bin Salman Al Saud
Capital– Riyadh
Currency– Saudi Riyal
