India And Saudi Arabia Target Doubling Bilateral Trade To $100 Billion: Piyush Goyal

Commerce and Industry Minister Piyush Goyal expressed optimism on Monday that India and Saudi Arabia could potentially double their bilateral trade from the current $52 billion to $100 billion in the coming years. Goyal also highlighted the need for a more balanced trade relationship between the two nations.

During an event, the minister proposed the idea of Saudi Arabia establishing an office for their sovereign wealth fund in GIFT City, Gujarat. Additionally, he suggested that industry chamber FICCI collaborate with Invest India to set up an office in Riyadh. These initiatives, he believes, could catalyse increased investments and trade flow.

Goyal stated, "Maybe this could be a way to kick-start a better flow of trade and investments and also to see how we can double our trade, which is currently about USD 52 billion. Can we be more ambitious and take it to USD 100 billion, can we look at a more balanced trade, can we look at India becoming the provider of food security to Saudi Arabia, while Saudi Arabia helps us provide more energy security like oil and fertilizer. So, it will really be a win-win and complementary relation."

In the fiscal year 2022-23, India's exports to Saudi Arabia saw a rise to $10.72 billion, up from $8.8 billion in 2021-22. Meanwhile, imports increased to $42 billion in 2022-23, compared to $34.1 billion in the previous fiscal year, primarily driven by oil shipments.

The Saudi Crown Prince, Mohammed Bin Salman Bin Abdulaziz Al-Saud, is currently on a state visit to India following the conclusion of the G20 Summit on Sunday. He is accompanied by a delegation comprising ministers and business leaders. The visit has resulted in the signing of approximately 50 MoUs valued at $3.5 billion between India and Saudi Arabia.

After attending the G20 Leaders' summit in New Delhi, Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud held extensive discussions with Prime Minister Narendra Modi on Monday (11 September).

The talks between the two leaders focused on strengthening bilateral trade and defence relations.

Additionally, they co-chaired the inaugural meeting of the India-Saudi Arabia Strategic Partnership Council (SPC). During their meeting, Prime Minister Modi emphasised the significance of the partnership between India and Saudi Arabia.

He highlighted that India-Saudi Arabia partnership is "crucial for stability and welfare of the region and the world".