India, Saudi Arabia may consider taking bilateral trade to $100 billion: Goyal
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As per the MoU, India and Saudi Arabia will cooperate in the areas of renewable energy, energy efficiency, hydrogen, electricity and grid interconnection between the two countries, petroleum, natural gas, strategic petroleum reserves and energy security. It aims to encourage bilateral investments in renewable energy, electricity, hydrogen and storage and oil and gas.
Commerce and Industry Minister Piyush Goyal said on Monday that India and Saudi Arabia could look at doubling bilateral trade from the current USD 52 billion to USD 100 billion in the coming years. He said that both countries can also consider more balanced trade. The minister suggested Saudi Arabia to open an office of its sovereign wealth fund in Gujarat’s GIFT city to facilitate investments and industry body FICCI to set up an office in Riyadh in partnership with Invest India and the commerce ministry. “Perhaps this can be a way to start better flow of trade and investment and also show how we can double our trade, which is currently around US$ 52 billion,” Goyal said at an event here. It’s a dollar.”
“Can we be more ambitious and take it to US$100 billion? Can we consider a more balanced trade? Can we consider making India a food security provider for Saudi Arabia? While Saudi Arabia helps us in providing more energy security like oil and fertilisers…it will actually be completely win-win for both the parties. 10.72 billion US dollars in 2022-23. On the other hand, imports are expected to increase from US$ 34.1 billion in 2021-22 to US$ 42 billion in 2022-23.
Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud is currently on a state visit to India after the conclusion of the G20 summit on Sunday. He is accompanied by a delegation of Ministers and Corobaris. About 50 MoUs worth US$ 3.5 billion have been signed between India and Saudi Arabia. Meanwhile, according to an official statement issued by the Ministry of New and Renewable Energy (MNRE), India and Saudi Arabia on Monday signed an agreement for cooperation in the field of energy and promotion of bilateral investments. “A Memorandum of Understanding (MoU) between the Government of India and the Government of Saudi Arabia was signed in the national capital on September 10,” according to the statement.
The statement said that the agreement was signed by the Union Minister for New and Renewable Energy and Power, R.K. Of. Singh and Saudi Arabia’s Energy Minister Abdulaziz bin Salman Al-Saud. As per the MoU, India and Saudi Arabia will cooperate in the areas of renewable energy, energy efficiency, hydrogen, electricity and grid interconnection between the two countries, petroleum, natural gas, strategic petroleum reserves and energy security. It aims to encourage bilateral investments in renewable energy, electricity, hydrogen and storage and oil and gas.
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