Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal, will be on a 2 day visit to the Kingdom of Saudi Arabia on 18-19 September 2022 to co-chair the inaugural Ministerial Meeting of the Economic and Investments Committee with the Minister of Energy of Saudi Arabia, HRH Prince Abdul Aziz Bin Salman.
This Ministerial Committee is one of the two Ministerial verticals established under the framework of the India-Saudi Arabia Strategic Partnership Council, which is headed at the highest level by the Prime Minister of India and the Crown Prince of the Kingdom of Saudi Arabia.
The two Ministers are expected to discuss the progress made under the various Joint Working Groups of the Economic and Investment committee. Both sides are expected to formulate plan of action for further strengthening bilateral cooperation in an array of priority areas and projects, including the West Coast Refinery Project, Trans-ocean grid connectivity, Green Hydrogen, Food security, energy security and pharmaceuticals; and accelerate progress on the announcement made by His Royal Highness Crown Prince Mohammad Bin Salman, during his visit to India in February 2019, of investments worth USD 100 Billion in India.
During the visit, the Minister is also scheduled to meet Minister of Commerce of Saudi Arabia H.E Dr. Majid bin Abdullah Alkassabi and is expected to hold wide-ranging discussions on the gamut of economic ties between the two countries.
India and Saudi Arabia relations are defined by a forward-looking strategic partnership that encompasses all major areas of cooperation. Economic ties are a pivotal pillar of this partnership. India is the second largest trade partner of Saudi Arabia and Saudi Arabia is India’s fourth largest trade partner.
The visit to Saudi Arabia, one of the strategic partners of India, will add further impetus to this dynamic and ever growing strategic partnership, and pave the way for new areas of cooperation that will further strengthen commercial and trade ties between the two countries.