Piyush Goyal, the Commerce and Industry Minister, met with Saudi Arabia's Minister of Investment, Khalid A Al-Falih, and discussed strategies to increase bilateral investment between the two nations in various areas. Goyal, who is in Riyadh for two days, also attended the seventh edition of the Future Investment Initiative (FII) in Riyadh.
"Met H.E. @Khalid_AlFalih, Saudi Arabia's Minister of Investment. Discussed expanding investment across diverse sectors to foster economic growth & further enhance the strategic partnership between India & Saudi Arabia," Goyal said in a post on X.
In the FII event, Goyal deliberated on new pathways for investment with the goal of creating a positive global impact and navigating new frontiers of growth and prosperity, as per business standard.
The FII Institute is a worldwide non-profit foundation that strives to bring together government and corporate leaders from across the world to debate new investment avenues. Artificial intelligence (AI) and robots, education, healthcare, and sustainability are its four areas of concentration.
He also met World Bank President Ajay Banga and Bridgewater Associates founder Ray Dalio on the sidelines.
In 2022-23, bilateral commerce between the nations was valued at USD 52.75 billion, up from USD 42.86 billion in 2021-22. Between April 2000 and June 2023, India received USD 3.22 billion in foreign direct investment from Saudi Arabia.