In order to boost ties with Saudi Arabia, the Indian minister for commerce and industry, Piyush Goyal will hold a meeting with his Saudi Arabian counterpart to enhance cooperation in sectors like renewable energy, digital infrastructure and manufacturing. According to an official statement, the development would take place during his two-day visit to Riyadh. 

He will fly to Riyadh on Tuesday. According to the Ministry of Commerce and Industry, Goyal will take part in the Future Investment Initiative (FII) in Riyadh, which is an important gathering place for innovators, investors, and world leaders. 

The Ministry also added that his participation will showcase India's swift economic expansion, emphasis on sustainable development, artificial intelligence, and vast prospects in fields like advanced manufacturing, digital infrastructure, and renewable energy. 

The minister will meet with prominent overseas investors on the sidelines of the FII. "These interactions aim to strengthen investor confidence, facilitate investment flows, and promote India as a preferred global investment destination," it said. He will also hold a bilateral chat with key Saudi ministries, such as the ministers of energy, industry and mineral resources, commerce, and investment, to discuss joint initiatives in trade facilitation, digital transformation, and energy transition.

Additionally, as part of the India-Saudi Strategic Partnership Council, he will co-chair the second ministerial meeting of the Economy and Investment Committee, which will explore topics such as infrastructure, technology, energy, food security, and agriculture. Saudi Arabia is the fourth-largest trading partner of India, while India is the second-largest trading partner of Saudi Arabia. The two nations' bilateral trade was worth $43 billion in 2023–2024 compared to $53 billion in 2022–2023.

More than 2,700 Indian businesses with investments of over USD 2 billion are registered in the Kingdom as joint ventures or fully owned firms. Shapoorji & Pallonji, TATA, Wipro, TCS, TCIL, L&T, and other major Indian companies have made a significant impact on Saudi Arabia. Saudi Arabia invested USD 3.22 billion in India between April 2000 and June 2024. ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group are significant Saudi investing groups.