Blitz Bureau
NEW DELHI: Commerce and Industry Minister Piyush Goyal on July 17 said that he held “a productive meeting” with Faisal bin Fadel Al-Ibrahim, Saudi Arabia’s Minister of Economy and Planning. “Discussed strengthening India-Saudi Arabia ties, with a focus on enhancing our trade and investment partnership and collaborating in key sectors like pharmaceuticals, petroleum and ceramics,” Goyal said in a post on X.
Goyal also extended an invitation to Faisal bin Fadel Al-Ibrahim to visit India at the earliest. “We are confident of exciting growth prospects ahead for both nations,” Goyal said.
India and Saudi Arabia share robust trade relations, with both countries being significant trading partners. Oil-rich Saudi Arabia is a key source of energy for India. Bilateral trade has seen steady growth, reaching $42.98 billion in FY 2023-24. India’s exports to Saudi Arabia were $11.56 billion, while imports reached $31.42 billion.
Goyal also said that he convened a meeting with Commerce Representatives in 74 Indian missions abroad on steps to promote exports.
“Emphasised the need for proactive market engagement, enhanced trade intelligence and closer collaboration with Indian exporters,” he said in the post on X. He highlighted the importance of identifying new export opportunities, addressing non-tariff barriers and strengthening communication between embassies and industry.
Goyal reiterated the role of Missions in supporting trade, technology, tourism and investment promotion and called for robust reporting via Trade Connect to maximise global outreach.
