Piyush Goyal Meets Saudi Arabia's Minister of Investment Khalid A Al-Falih, Discusses Boosting Bilateral Investments

Saudi Arabia is keen to boost bilateral investments with India in different sectors, Saudi Arabia's Minister of Investment Khalid A Al-Falih said on Tuesday. Falih met Commerce and Industry Minister Piyush Goyal in Riyadh and discussed ways to enhance economic cooperation between the two countries.

India-Saudi Arabia bilateral trade

The bilateral trade between the countries stood at USD 52.75 billion in 2022-23 against USD 42.86 billion in 2021-22. India received USD 3.22 billion in foreign direct investment from Saudi Arabia between April 2000 and June 2023.

Goyal meets Saudi Minister of Investment

Goyal, who is on a two-day visit to Riyadh, also participated in the seventh edition of the Future Investment Initiative (FII) in Riyadh. In the FII event, Goyal deliberated on new pathways for investment with the goal of creating a positive global impact and navigating new frontiers of growth and prosperity. FII Institute is a global non-profit foundation, which aims to gather government and business leaders from around the world to discuss new pathways for investment. Its four areas of focus are artificial intelligence (AI) and robotics, education, healthcare and sustainability.

Goyal meets World Bank President and Bridgewater Associates founder

On the sidelines, Goyal also met World Bank President Ajay Banga and Bridgewater Associates founder Ray Dalio.

The meeting between Goyal and Falih is a significant step towards boosting bilateral investments between India and Saudi Arabia. The two countries have a lot to offer each other in terms of investment opportunities. Saudi Arabia is looking to diversify its economy and India is a rapidly growing market. Increased investment from Saudi Arabia can help India to create jobs and boost its economic growth.