India and Saudi Arabia Explore Collaboration in Emerging Sectors
These sectors were identified as high-potential areas for collaboration, signaling a deepening of economic ties between the two nations. Speaking at the Future Investment Initiative (FII) event, Goyal urged global investors to tap into India’s fast-growing sectors, including artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing.
India, the second-largest trade partner for Saudi Arabia, saw bilateral trade between the two nations reach $43 billion in 2023-24, down from $53 billion in 2022-23. Indian companies have a strong presence in the Kingdom, with over 2,700 joint ventures and investments worth about $2 billion. Meanwhile, Saudi Arabia's direct investments in India totaled $3.22 billion from April 2000 to June 2024.