New Delhi: Union minister for commerce and trade Piyush Goyal concluded a go to to Saudi Arabia, urging world traders to faucet into India’s quickly rising high-tech sectors—synthetic intelligence, renewable power, digital infrastructure, and superior manufacturing—which he highlighted as promising areas for funding, the ministry stated on Friday.
Goyal, who highlighted the essential function of worldwide partnerships and financial diplomacy in fostering world cooperation, innovation, technological development, and funding throughout his go to, participated within the plenary session of the Future Funding Initiative (FII), with representatives from world governments and the trade.
Throughout his go to, Goyal co-chaired the second ministerial assembly of the financial system and funding committee below the India-Saudi Strategic Partnership Council (SPC) with Saudi Arabia’s minister of power Prince Abdulaziz bin Salman Al-Saud, in Riyadh.
SPC with Saudi
Established in 2019 following prime minister Narendra Modi’s go to to Saudi Arabia, the SPC goals to deepen financial cooperation between the 2 nations throughout numerous strategic sectors.
“The committee reviewed the progress achieved by the 4 Joint Working Teams: Agriculture and Meals Safety; Vitality; Expertise and Info Expertise; and Trade and Infrastructure,” the ministry stated in a press release.
“They famous the deepening of bilateral financial partnership between India and Saudi Arabia and deliberated on methods to reinforce commerce and funding,” it added.
Goyal additionally met the ministers of power, trade and mineral sources, and funding throughout his Saudi Arabia go to.
“These engagements centered on collaborative initiatives in commerce, power, and know-how. These discussions culminated in a sequence of actionable agreements, aimed toward enhancing commerce volumes and facilitating a easy move of investments between the 2 nations,” the ministry stated.
Conferences with ministers, world CEOs
“The agreements emphasise cooperation in power transition, digital transformation, and the change of experience to speed up financial progress,” it added.
Goyal additionally met with Peter Herweck, CEO of Schneider Electrical, and William E. Ford, chairman and CEO of Normal Atlantic, to debate India’s financial panorama and funding alternatives throughout sectors.
Bilateral agreements between India and Saudi Arabia have grown in recent times, spanning sectors like meals exports, prescribed drugs, power, and digital manufacturing.
Each nations are exploring collaborations in rising sectors reminiscent of fintech, clear hydrogen, and power effectivity.
These partnerships purpose to construct a sturdy and diversified financial basis, with the committee assembly reaffirming their dedication to mutual progress.
Odop initiative
Throughout his go to, Goyal unveiled the One District, One Product (Odop) Wall, that includes distinctive merchandise from numerous districts throughout India on the Indian embassy in Riyadh.
“The Odop initiative, a part of the federal government’s “Vocal for Native” marketing campaign, goals to advertise regional craftsmanship by showcasing the wealthy cultural heritage of India by way of distinctive, high-quality merchandise,” the ministry stated.
“This go to marks a major milestone in strengthening the strategic partnership between India and Saudi Arabia. It underscores each nations’ dedication to deepening financial ties and addressing world challenges by way of collaborative efforts. The outcomes of the discussions are anticipated to unlock new avenues for funding and commerce, driving financial progress and innovation in each nations,” it added.
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