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Union Commerce and Industry Minister Piyush Goyal has urged global investors to seize emerging opportunities in India, particularly in high-growth sectors such as artificial intelligence (AI), renewable energy, digital infrastructure and advanced manufacturing, it was announced on Friday.

During his visit to the Kingdom of Saudi Arabia from October 29-30, Minister Goyal participated in the Plenary Session of the 8th Edition of Future Investment Initiative (FII), with representatives from global governments and the industry.

According to a Ministry of Commerce and Industry statement, he highlighted the critical role of international partnerships and economic diplomacy in fostering global cooperation, innovation, technological advancement, and investment.

Goyal also co-chaired the second Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with the Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud in Riyadh.

The Strategic Partnership Council was established in 2019, following the visit of Prime Minister Narendra Modi to Saudi Arabia in October 2019.

Reviewing the progress achieved by the four joint working groups in agriculture and food security; energy; technology and information technology; and industry and infrastructure, the panel noted the deepening of bilateral economic partnership between India and Saudi Arabia and deliberated on ways to enhance trade and investment.

According to the ministry, Goyal also met Peter Herweck, CEO of Schneider Electric and William E. Ford, Chairman and CEO of General Atlantic, to discuss India's economic landscape and investment opportunities across sectors.

The Commerce Minister also interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia and emphasised the role of chartered accountants in supporting India's expanding global trade network.

He also launched the ‘Lulu Wali Diwali Festival’ at the Lulu Hypermarket by lighting a big diya made with LED, furthering India-Saudi cultural and economic ties. The launch was followed by the unveiling of a giant product wall comprising over 10,000 Indian products.

At the Indian Embassy in Riyadh, the Minister unveiled the One District, One Product (ODOP) Wall, featuring unique products from various districts across India.

The bilateral trade between the two countries stood at $43 billion in 2023-24. India is the second largest trade partner for Saudi Arabia, whereas Saudi Arabia is India's fourth largest trading partner.