India, Saudi Arabia can look at doubling bilateral trade to $100B: Piyush Goyal
India's exports to Saudi Arabia have increased to $10.72 billion in 2022-23 from $8.8 billion in 2021-22.
India and Saudi Arabia can look at doubling bilateral trade to $100 billion in the coming years from about $52 billion at present, Commerce and Industry Minister Piyush Goyal said on Monday.
He said the two countries can also look at a more balanced trade.
The minister suggested Saudi Arabia open an office of their sovereign wealth fund in GIFT city in Gujarat and industry chamber FICCI set up an office in Riyadh in partnership with Invest India, and the commerce ministry to facilitate investments.
"Maybe this could be a way to kick-start a better flow of trade and investments and also to see how we can double our trade, which is currently about $52 billion.
"Can we be more ambitious and take it to $100 billion, can we look at a more balanced trade, can we look at India becoming the provider of food security to Saudi Arabia, while Saudi Arabia helps us provide more energy security like oil and fertiliser. So, it will really be a win-win and complimentary relation," Goyal said.
India's exports to Saudi Arabia have increased to $10.72 billion in 2022-23 from $8.8 billion in 2021-22. Imports, on the other hand, have increased to $42 billion in 2022-23 from $34.1 billion in 2021-22, mainly on the back of oil shipments.
Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud is currently on a State Visit to India after the G20 Summit concluded on Sunday. He is accompanied by a delegation of ministers and businesses.
About 50 MoUs worth $3.5 billion between India and Saudi Arabia have been inked.
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Edited by Suman Singh
