Finance
On Thursday, Commerce and Industry Minister Piyush Goyal stated that he had “a productive meeting” with Saudi Arabia’s Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim.
“Discussed strengthening India-Saudi Arabia ties, with a focus on enhancing our trade and investment partnership and collaborating in key sectors like pharmaceuticals, petroleum and ceramics,” Goyal said in a post on X.
The minister also extended an invitation to Faisal bin Fadel Al-Ibrahim to visit India at the earliest.
“We are confident of exciting growth prospects ahead for both nations,” Goyal said.
India and Saudi Arabia have strong trade links, and both countries are key trading partners. Saudi Arabia, with its abundant oil reserves, is an important source of energy for India. Bilateral trade has steadily increased, reaching $42.98 billion in FY 2023-24. India’s exports to Saudi Arabia were $11.56 billion, while imports totaled $31.42 billion.
Goyal further stated that he organized a conference with Commerce Representatives from 74 Indian posts abroad to discuss strategies to enhance exports.
“Emphasised the need for proactive market engagement, enhanced trade intelligence and closer collaboration with Indian exporters,” Goyal said in the post on X.
He emphasized the necessity of developing new export prospects, removing non-tariff barriers, and improving communication between embassies and industry.
Goyal emphasized the importance of Missions in promoting trade, technology, tourism, and investment, and urged for thorough reporting through Trade Connect to maximize global reach.
Despite global uncertainty caused by the increase in US tariffs and geopolitical tensions, India’s total merchandise and services exports in June 2025 reached $67.98 billion, a 6.5% increase over the same month the previous year.
According to figures compiled by the Ministry of Commerce and Industry, India’s total exports during the April-June quarter of 2025 are expected to be $210.31 billion, up 5.94 percent from the same period the previous year, while total imports increased 4.38 percent to $230.62 billion.
Electronics, medications and pharmaceuticals, and engineering goods have emerged as important drivers of India’s merchandise exports, reflecting the country’s greater reliance on industrial commodities.
Source: IANS
