Commerce Minister Piyush Goyal attended the 8th Future Investment Initiative in Riyadh. India and Saudi Arabia share strong economic, cultural, and strategic ties reinforced by high-level visits and the 2019 Strategic Partnership Council.
The council oversees cooperation, structured in Political-Security-Socio-Cultural and Economic-Investment pillars.
Saudi Arabia is India’s fifth-largest trade partner, with bilateral trade at USD 43 billion in 2023-24, mainly oil imports and Indian exports in goods. Both nations are exploring renewable energy, with shared interests in solar, wind, and hydrogen. Saudi’s Vision 2030 aligns with India’s development goals, fostering collaborations in food security, pharma, ICT, and defense.
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