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Jeddah - Yasmine El Tohamy - NEW DELHI: India is exploring collaboration with Saudi Arabia in new technologies, clean hydrogen and other emerging fields, the government has said, following Commerce Minister Piyush Goyal’s visit to Riyadh this week.
Goyal was in the Saudi capital to co-chair with Saudi Energy Minister Prince Abdulaziz bin Salman a ministerial meeting of the Economy and Investment Committee of the Saudi-India Strategic Partnership Council.
“This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia,” the Indian Ministry of Commerce and Industry said in a statement on Friday.
“Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc. The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest.”
The SPC was established in 2019. Its first meeting took place in New Delhi last year, during Crown Prince Mohammed bin Salman’s state visit to India.
The Saudi Ministry of Energy said in a statement that during the SPC’s Riyadh meeting the two countries also agreed to “study the feasibility of electrical interconnection between the Kingdom of Saudi Arabia and the Republic of India.”
During his Riyadh trip, Goyal also took part in the Future Investment Initiative conference on Oct. 29-31, where he met the Kingdom’s Investment Minister Khalid Al-Falih and Industry and Mineral Resources Minister Bandar Alkhorayef.
The outcomes of the meetings were “expected to unlock new avenues for investment and trade, driving economic growth and innovation in both countries,” the Indian commerce ministry said.
“These engagements focused on collaborative initiatives in trade, energy and technology. These discussions culminated in a series of actionable agreements, aimed at enhancing trade volumes and facilitating a smooth flow of investments between the two countries. The agreements emphasize cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth.”
Saudi Arabia is India’s fifth-largest trading partner.
Bilateral trade between the two countries stood at $43 billion in 2023-24 against $53 billion in 2022-23.
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