India and Saudi Arabia have decided to work together in 41 sectors that fall under the four major categories of agriculture and food security, energy, technology and IT, and industry and infrastructure. According to a formal statement issued here on Monday, this was agreed upon during a ministerial meeting co-chaired by Saudi Arabia’s Minister for Energy Abdulaziz bin Salman Al-Saud and India’s Minister of Commerce and Industry Piyush Goyal.
From September 18 to 19, 2022, Goyal was in Saudi Arabia for the Ministerial Meeting of the India-Saudi Arabia Strategic Partnership Council. Goyal co-chaired the ministerial gathering of the India-Saudi Arabia Strategic Partnership Council’s Committee on Economy and Investments during the visit. During Prime Minister Narendra Modi’s trip to Saudi Arabia in October 2019, the Strategic Partnership Council was established. The Political, Security, Social and Cultural Committee and the Committee on Economy and Investments are the two primary pillars of the council.
The Saudi Crown Prince Mohammad Bin Salman said during his visit to India in February 2019 that $100 billion will be invested in India. During the ministerial meeting, the two sides agreed to streamline efforts to realise this announcement. The two parties also decided to accomplish the key projects within strict deadlines. Priority areas of cooperation include collaboration in the digital fintech sector through the operationalization of UPI and Rupay Card in Saudi Arabia and a reaffirmation of ongoing cooperation in joint projects like the West coast refinery, LNG infrastructure investment, and creation of strategic petroleum storage facilities in India.
Goyal met with Majid bin Abdullah Al-Kassabi, the Saudi Arabian Minister of Commerce, during the trip. The whole spectrum of bilateral trade, business, and investment links was the subject of extensive debate between the two presidents. The main topics of discussion included diversification and expansion of trade and commerce, the removal of trade barriers, including the unresolved problems with sanitary and phytosanitary measures and trade remedies, automatic registration and marketing authorization of Indian pharmaceutical products in Saudi Arabia, the viability of institutionalising rupee-riyal trade, and the introduction of UPI and Rupay cards in Saudi Arabia.
Post Your Comments