Commerce & Industry Minister Goyal visiting Saudi Arabia to participate in global investment meet
The Future Investment Initiative (FII) hosted by Saudi Arabia serves as a global hotspot for the world's economic elite
Emphasizing the burgeoning ties between India and Saudi Arabia, Union Minister of Commerce and Industry Piyush Goyal, is set to mark his presence at the 7th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia. The event, scheduled for October 24-25, 2023, promises to be a melting pot of world leaders, thinkers, and influencers.
According to information shared by the Ministry of Commer and Industry, Goyal is slated to engage with Kingdom of Saudi Arabia (KSA) dignitaries, including Energy Ministry Prince Abdul Aziz Bin Salman Al-Saud and Commerce Minister Majid bin Abdullah AlKassabi among several other prominent figures. The Union Minister will co-chair a significant conclave session themed ‘From Risk to Opportunity: Strategies for Emerging Economies in the New Industrial Policy Era,’ alongside the KSA Investment Minister.
Union Minister Goyal's forthcoming visit to Saudi Arabia is also about recognizing and amplifying the powerful role of the Indian diaspora residing in the nation. The Indian community in Saudi Arabia, estimated at over 2.7 million, represents not only a cultural bridge between the two nations but also a vital cog in Saudi's economic machinery.
Many members of this diaspora are deeply entrenched in Saudi's entrepreneurial landscape, holding pivotal positions in sectors ranging from IT to healthcare, and from education to the booming construction industry. Their contributions have been manifolded - sending significant remittances back to India, bolstering the Saudi economy, and also fostering a positive image of India abroad.
By engaging with this vibrant community, Goyal not only acknowledges their contributions but also seeks to understand their challenges and aspirations, aiming to further solidify the bond between the homeland and its overseas citizens.
Moreover, the Future Investment Initiative (FII) serves as a global hotspot for the world's economic elite. Goyal's scheduled meetings with a slew of international business magnates and prominent CEOs underscore the importance India places on fostering global partnerships. Attendees are expected to include CEOs of top Fortune 500 companies and visionaries leading the charge in sustainability, AI, and robotics. These interactions provide a platform for India to showcase its business-friendly policies, burgeoning startup ecosystem, and its aspirations to be a global manufacturing hub.
By intertwining with the global economic tapestry and recognizing the invaluable contributions of the Indian diaspora, Goyal's visit symbolizes India's holistic approach to diplomacy: one that combines economic might with the soft power of its global citizenry.
The FII Institute, the brainchild of the KSA, hosts this significant event on the global industry and investment calendar. With its noble mission to foster discussions on innovative investment routes to realize a far-reaching ‘Impact On Humanity’, the foundation has earmarked Artificial Intelligence & Robotics, Education, Healthcare, and Sustainability as their core focal points. Aptly themed ‘The New Compass’ for its 7th Edition, FII seeks to delve into the contours of the New Global Order, with attendees brainstorming avenues to uncover fresh markets and navigate the next horizons of global prosperity.
India’s relationship with KSA isn't just about trade figures, although they've impressively touched an unprecedented USD 52.75 billion in FY 2022-23. The foundation lies in the establishment of the India-Saudi Arabia Strategic Partnership Council (SPC) in 2019. Two central pillars underpin the SPC. The first, the 'Committee on Political, Security, Social, and Cultural Cooperation,' focuses on enhancing diplomatic relations, mutual security concerns, and promoting cultural exchanges. This committee works on facilitating dialogue, fostering understanding, and ensuring that both nations are aligned in their approach to regional and global challenges.
The second pillar, the 'Committee on Economy and Investments,' is instrumental in deepening economic ties. Given that both countries have sizable economies with India being a massive market and Saudi Arabia being an oil-rich nation, their economic interdependence is palpable. This committee seeks to streamline trade processes, encourage mutual investments, and explore new avenues of economic collaboration. This alliance is only the fourth of its kind that Riyadh has established after partnerships with the UK, France, and China.
The recent summit-level meeting of the SPC in September 2023, co-chaired by India’s Prime Minister Narendra Modi Saudi Arabia’s Crown Prince Mohammed Bin Salman Al Saud, exemplifies this strengthened bond. Their discussions spanned crucial areas such as energy security, trade and investment, defence, healthcare, and food security.
Prime Minister Modi’s vision of mutual cooperation between the two nations isn't just economic but also geopolitical. The alliance between India and Saudi Arabia is crucial in ensuring regional stability.
The multifaceted partnership paints Economic Synergy, Counter-terrorism, Balancing Regional Powers, Cultural Diplomacy and Geopolitical Stability. For instance, their joint stance on critical international issues, from energy policies to combating extremism, can set the tone for global action. Moreover, their combined prowess can act as a counterbalance in regional power dynamics, emphasizing peace and diplomatic dialogues over conflicts.
In light of such deep-seated collaboration, Goyal's participation in the 7th FII isn't just ceremonial. It's a testament to India's commitment to nurture and expand its strategic partnership with Saudi Arabia, charting a course for mutual growth and shared global visions.