“Maybe this could be a way to start better flow of trade and investment and it will also show how we can double our trade, which is currently about 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 provide more energy security like oil and fertilizers…it will actually be completely beneficial to both sides.”
India’s exports to Saudi Arabia have increased from US $ 8.8 billion in 2021-22 to US $ 10.72 billion in 2022-23. On the other hand, imports increased from US$ 34.1 billion in 2021-22 to US$ 42 billion in 2022-23.
Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdul Aziz Al-Saud is currently on a state visit to India after the conclusion of the G20 summit on Sunday. He is also accompanied by a delegation of ministers and businessmen.
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 to promote cooperation and bilateral investment in the energy sector.
According to the statement, “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.”
The statement said that the agreement was signed by Union New and Renewable Energy and Power Minister R. Of. Singh and Saudi Arabia’s Energy Minister Abdulaziz bin Salman Al-Saud.
According to the MoU, India and Saudi Arabia will cooperate in the areas of renewable energy, energy efficiency, hydrogen, power and grid interconnection between the two countries, petroleum, natural gas, strategic petroleum reserves and energy security. Its objective is to encourage bilateral investment in the fields of renewable energy, power, hydrogen and storage and oil and gas.
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