2024-10-30 14:32:00
Commerce & Industry Minister Piyush Goyal had wide-ranging discussions on India’s bilateral ties and trade and potential areas for further economic cooperation with Saudi Arabia in a meeting with Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef on Wednesday.
The Minister, on a two-day official visit to Riyadh, also met the heads of Schneider Electric and General Atlantic and discussed their India plans.
Met Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, and had a wide-ranging discussion on our bilateral ties and trade, Goyal tweeted on Wednesday.
“We further deliberated and explored potential areas for cooperation in the fertilisers, petrochemicals, and mining sectors,” the tweet added.
Goyal is in Saudi Arabia to co-chair the second Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council, focusing on sectors like agriculture, food security, energy, technology, and infrastructure.
Crucial platform
He also participated in the 8th edition of the Future Investment Initiative (FII) in Riyadh, a crucial platform that brings together global leaders, investors, and innovators.
The Minister met Peter Herweck, CEO of Schneider Electric, a global company specialising in energy management and digital automation with a strong presence in India.
“Discussed the company’s investment plans for India and how it can leverage the nation’s talent pool and government support to provide high-tech, sustainable, and energy-efficient solutions to the world,” he tweeted.
The Minister also had a “wonderful meeting” with William E. Ford, Chairman and CEO of global growth investment firm, General Atlantic.
“Discussed the company’s potential to collaborate with India’s healthcare sector especially in consumer-focused health enterprises.Additionally, explored potential for expansion of their investment in Global Capability Centres (GCCs), as well as various other sectors, in the country,” Goyal tweeted.
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**Interview with Piyush Goyal, Commerce & Industry Minister of India**
**Interviewer:** Thank you for joining us, Minister Goyal. You had a busy two-day visit to Riyadh. What were the key highlights of your discussions with Saudi Minister Bandar bin Ibrahim Alkhorayef?
**Piyush Goyal:** Thank you for having me. The discussions were indeed wide-ranging. We explored our bilateral ties, focusing particularly on trade and potential areas for economic cooperation. Notably, we delved into sectors such as fertilizers, petrochemicals, and mining, recognizing their significance in enhancing our economic relationship.
**Interviewer:** You also participated in the Future Investment Initiative during your visit. What outcomes do you foresee from that platform, especially regarding India-Saudi collaboration?
**Piyush Goyal:** The Future Investment Initiative is crucial for bringing together global leaders and investors. It provides a platform to discuss innovative solutions and investments. My meetings with companies like Schneider Electric and General Atlantic were particularly promising. We talked about leveraging India’s talent pool and government support for sustainable energy solutions and expanding investments in key sectors, including health care.
**Interviewer:** What steps are being taken to ensure these discussions translate into actionable plans for investment?
**Piyush Goyal:** We are committed to fostering an environment that encourages investment. Our government is prepared to provide support and create conducive policies that attract foreign businesses. By aligning with Saudi Arabia’s economic vision and potential, I believe we can pave the way for meaningful collaboration that benefits both nations.
**Interviewer:** Could you elaborate on the specific projects or initiatives you discussed that might directly impact India’s economy?
**Piyush Goyal:** Certainly. For instance, in the fertilizer sector, we explored ways to increase output and efficiency. In petrochemicals, we examined collaborative opportunities that could enhance production capacities. Additionally, our discussions with General Atlantic about the healthcare sector could lead to innovative consumer-focused health solutions in India.
**Interviewer:** Thank you for your insights, Minister Goyal. It sounds like there are exciting times ahead for India-Saudi Arabia relations.
**Piyush Goyal:** Thank you! I look forward to seeing these discussions evolve into concrete partnerships that drive growth and prosperity for both our nations.
