Commerce and Industry Minister Piyush Goyal met with Saudi Arabia's Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim, to discuss ways to strengthen trade and investment ties between the two nations. The meeting focused on enhancing partnerships in key sectors such as pharmaceuticals, petroleum, and ceramics. Goyal extended an invitation to Al-Ibrahim to visit India in the near future, expressing confidence in the exciting growth prospects for both countries.
India and Saudi Arabia have strong trade relations, with Saudi Arabia being a major source of energy for India. Bilateral trade has steadily increased, reaching $42.98 billion in FY2023-24. India's exports to Saudi Arabia totaled $11.56 billion, while imports amounted to $31.42 billion.
Goyal also convened a meeting with Commerce Representatives from 74 Indian missions abroad to discuss strategies for promoting exports. He emphasized the importance of proactive market engagement, enhanced trade intelligence, and closer collaboration with Indian exporters. He also highlighted the need to identify new export opportunities, address non-tariff barriers, and strengthen 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 maximize global outreach.
In related news, India's total exports of merchandise and services for June 2025 reached $67.98 billion, a 6.5% increase compared to the same month the previous year, despite global uncertainties caused by increased US tariffs and geopolitical tensions.
Earlier in the year, in February 2025, Goyal met with Bandar bin Ibrahim Alkhorayef, Saudi Arabia's Minister of Industry and Mineral Resources, to discuss strengthening trade and investment ties and deepening economic partnerships across sectors for mutual growth and prosperity. In October 2024, Goyal visited Saudi Arabia and co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the Saudi-India Strategic Partnership Council (SPC) with Prince Abdulaziz bin Salman Al Saud, Minister of Energy, focusing on agriculture, food security, energy, technology, and infrastructure. During that visit, he also inaugurated the "One District One Product" (ODOP) Wall at the Indian Embassy in Riyadh to promote India's cultural heritage and local craftsmanship.
