Piyush Goyal and Prince Abdulaziz bin Salman identified key sectors and areas of mutual interest that could benefit from deeper ties…reports Asian Lite News
India’s Commerce and Industry Minister Piyush Goyal and Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud, co-chaired the second Ministerial Meeting of the Economy and Investment Committee under the Saudi-India Strategic Partnership Council (SPC).
The meeting held on Wednesday, aimed at strengthening economic collaboration between both the countries. It was marked by a review of the progress made under the SPC, along with discussions on future avenues for cooperation.
“Co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the Saudi-India Strategic Partnership Council (SPC)” said Minister Goyal in a social media post.
During the meeting, the two leaders signed the Minutes of the Ministerial Meeting, officially recognizing the advancements in trade and investment ties between the two nations.
Both ministers acknowledged the substantial progress that has been made under the strategic partnership, but also emphasized the need to keep up the momentum to fully realize the potential of this collaboration.
The leaders identified key sectors and areas of mutual interest that could benefit from deeper ties, underscoring their commitment to creating a sustainable and prosperous future for both economies.
Goyal said, “We reviewed the progress made under the SPC and identified new areas of cooperation and opportunities to further deepen the trade and investment ties between our nations”
Following the main session, Piyush Goyal also met with Saudi Arabia’s Minister of Investment, H.E. Khalid Al-Falih, to explore more specific opportunities for investment.
They discussed potential partnerships across sectors including pharmaceuticals, automobiles, and petrochemicals, each seen as critical for both economies.
With the growing global focus on supply chain diversification, these sectors offer considerable potential for cooperative ventures that could drive economic growth and resilience.
Both sides reiterated the importance of bilateral engagements like the SPC meetings as a means to ensure steady progress and strengthen ties.
As India and Saudi Arabia continue to enhance their strategic partnership, such discussions are expected to bring lasting benefits, furthering both nations’ goals of economic growth and development. (ANI)
Goyal promotes ‘one district one product’ in Riyadh
Union Minister Piyush Goyal, on a two-day visit to Saudi Arabia, inaugurated the “One District One Product” (ODOP) Wall at the Indian Embassy.
With ODOP, the government aims to spotlight local products on international platforms, transforming various districts across India into “Made in India” hubs.
By promoting these locally-made products through partnerships with global retail chains, the initiative also seeks to create sustainable livelihoods for Indian artisans and entrepreneurs.
“This initiative, through collaborations with retail chains and international platforms, is enhancing the visibility of local Indian products by transforming districts into ‘Made In India’ hubs and generating sustainable livelihoods” said Goyal in a social media post on Wednesday.
While in Riyadh, Goyal also had a fruitful interaction with members of the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia.
He encouraged the chartered accountants to adopt best practices and play an active role in strengthening India’s economic ties with Saudi Arabia.
This professional community, Goyal noted, could make a valuable contribution to fostering a strong economic partnership between the two countries.
Additionally, Minister Goyal also participated in Diwali celebrations hosted by the Indian Embassy, which featured a range of cultural performances showcasing India’s diversity.
The event was held in conjunction with the closing ceremony of Pravasi Parichay, an initiative designed to connect the Indian diaspora in Saudi Arabia with their roots.
Addressing the gathering, Goyal highlighted India’s impressive economic growth under the leadership of Prime Minister Narendra Modi, expressing appreciation for the Indian diaspora’s contribution to the country’s development.
He emphasized that the diaspora not only contributes economically but also serves as a cultural bridge, enhancing mutual understanding and friendship between India and Saudi Arabia.
He said, “Wonderful to engage with the vibrant Indian diaspora at the Diwali celebration and the concluding ceremony of Pravasi Parichay”
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