India-Saudi Arabia strengthen trade ties at 2nd ministerial meeting of economy and investment committee

The meeting held on Wednesday local time, aimed at strengthening economic collaboration between both the countries. It was marked by a review of the progress made under the SPC, along with discussions on future avenues for cooperation.

"Co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the Saudi-India Strategic Partnership Council (SPC)" said Minister Goyal in a social media post.

During the meeting, the two leaders signed the Minutes of the Ministerial Meeting, officially recognizing the advancements in trade and investment ties between the two nations.

Both ministers acknowledged the substantial progress that has been made under the strategic partnership, but also emphasized the need to keep up the momentum to fully realize the potential of this collaboration.

The leaders identified key sectors and areas of mutual interest that could benefit from deeper ties, underscoring their commitment to creating a sustainable and prosperous future for both economies.

Goyal said, "We reviewed the progress made under the SPC and identified new areas of cooperation and opportunities to further deepen the trade and investment ties between our nations"

Following the main session, Piyush Goyal also met with Saudi Arabia's Minister of Investment, H.E. Khalid Al-Falih, to explore more specific opportunities for investment.

They discussed potential partnerships across sectors including pharmaceuticals, automobiles, and petrochemicals, each seen as critical for both economies.

With the growing global focus on supply chain diversification, these sectors offer considerable potential for cooperative ventures that could drive economic growth and resilience.

Both sides reiterated the importance of bilateral engagements like the SPC meetings as a means to ensure steady progress and strengthen ties.

As India and Saudi Arabia continue to enhance their strategic partnership, such discussions are expected to bring lasting benefits, furthering both nations' goals of economic growth and development. (ANI)