India and Saudi Arabia Explore Collaboration in Emerging Sectors

04 Nov 2024 CW Team

India and Saudi Arabia are exploring partnerships in emerging fields such as fintech, new technologies, energy efficiency, clean hydrogen, textiles, and mining to strengthen trade and investment ties, an official statement revealed on Friday. The discussions took place during Commerce and Industry Minister Piyush Goyal's visit to Riyadh, where he co-chaired the second meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) with Saudi Energy Minister Abdulaziz bin Salman Al-Saud on October 30.

These sectors were identified as high-potential areas for collaboration, signaling a deepening of economic ties between the two nations. Speaking at the Future Investment Initiative (FII) event, Goyal urged global investors to tap into India’s fast-growing sectors, including artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing.

India, the second-largest trade partner for Saudi Arabia, saw bilateral trade between the two nations reach $43 billion in 2023-24, down from $53 billion in 2022-23. Indian companies have a strong presence in the Kingdom, with over 2,700 joint ventures and investments worth about $2 billion. Meanwhile, Saudi Arabia's direct investments in India totaled $3.22 billion from April 2000 to June 2024.

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