India, Saudi Arabia can look at doubling bilateral trade to $100 billion: Piyush Goyal
India and Saudi Arabia can look at doubling bilateral trade to USD 100 billion in the coming years from about USD 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 to 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 USD 52 billion.
»Can we be more ambitious and take it to USD 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 here at an event.
India's exports to Saudi Arabia have increased to USD 10.72 billion in 2022-23 from USD 8.8 billion in 2021-22. Imports, on the other hand, have increased to USD 42 billion in 2022-23 from USD 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.
