India to collaborate in 41 business areas with Saudi Arabia

New Delhi: India and Saudi Arabia have agreed to collaborate in 41 areas under four broad domains of agriculture & food security, energy, technology & IT; and industry and infrastructure.

This was agreed during a ministerial meeting co-chaired by India’s Minister of Commerce and Industry Piyush Goyal and Saudi Minister for Energy Abdulaziz bin Salman Al-Saud, according to an official statement released here on Monday. Goyal visited Saudi Arabia from 18th to 19th September 2022 to attend the Ministerial meeting of the India-Saudi Arabia Strategic Partnership Council. During the visit, Goyal co-chaired the ministerial meeting of the Committee on Economy and Investments of the India-Saudi Arabia Strategic Partnership Council.

The Strategic Partnership Council was instituted in October 2019 during the visit of Prime Minister Narendra Modi to Saudi Arabia. The council has two main pillars i.e. Political, Security, Social and Cultural Committee, and the Committee on Economy and Investments.

During the ministerial meeting, the two sides agreed on streamlining efforts to realise the announcement made by Saudi Arabia’s Crown Prince Mohammad Bin Salman, during his visit to India in February 2019, of investments worth $100 billion in India.

The two sides also agreed to undertake the implementation of the priority projects in a time-bound manner. Priority areas of cooperation include collaboration in digital fintech sector through operationalisation of UPI and Rupay Card in Saudi Arabia and re-affirmation of continued cooperation in joint projects including the West coast refinery, LNG infrastructure investment and development of strategic petroleum storage facilities in India.

During the visit, Goyal held a meeting with Majid bin Abdullah Al-Kassabi, Minister of Commerce of Saudi Arabia. The two leaders had wide-ranging discussions on the entire gamut of bilateral trade, commerce and investments linkages.

Diversification and expansion of trade and commerce, removal of trade barriers, including the outstanding issues related to sanitary and phytosanitary measures and trade remedies, automatic registration and marketing authorisation of Indian pharma products in Saudi Arabia, feasibility of institutionalising Rupee-Riyal trade, introduction of UPI and Rupay cards in Saudi Arabia; were amongst the key points of discussion.

“Had a fruitful meeting with H.E. Dr. Majid bin Abdullah Al-Kassabi, Minister of Commerce, KSA. Discussed ways to attract greater investment & further diversify bilateral trade to boost economic ties between India & Saudi Arabia,” Goyal tweeted after the meeting.

Union Commerce and Industry Minister also participated in a CEO Roundtable with prominent businessmen in Saudi Arabia. Discussions focused on encouraging increasing exports from India, facilitating inward investments into India, innovative ways and means of deepening and broad basing bilateral economic linkages.

“Had an enriching interaction with CEOs of companies from different sectors in Saudi Arabia. Delighted to see their enthusiasm towards further strengthening trade & investment linkages between the two countries,” Goyal said in another tweet.

On his visit, the minister was accompanied by a delegation comprising officials of the ranks of Additional Secretaries and Joint Secretaries from the Ministries of Agriculture, Commerce, Electronics and IT and from NITI Aayog.