On Thursday, Union Commerce and Industry Minister Piyush Goyal said that he held a meeting with Saudi Arabia’s Economy and Planning Minister Faisal bin Fadal al-Ibrahim. Posting on his official X accounts, the Union Minister wrote, “There was a discussion on strengthening India-Saudi Arabia, which focused on increasing our trade and investment partnerships and cooperation in major areas such as pharmaceuticals, petroleum and ceramic.”
Union Minister Piyush Goyal also invited Faisal bin Fadal al-Ibrahim to come to India soon. Goyal said that we have full confidence in further development possibilities for both countries. The relations between Saudi and India are quite strong. Business relations between the two countries are also great. Saudi is a major source of energy for India. FY has reached $ 42.98 billion in FY 2023-24 between the two countries. India’s exports to Saudi Arabia stood at $ 11.56 billion, while imports reached $ 31.42 billion.
Discussion on promotion of exports
Union Minister Piyush Goyal informed that there was a discussion on promoting exports with Saudi. He wrote in his X post, emphasis was laid on active market engagement, better business information and close cooperation with Indian exporters. Piyush Goyal highlighted the importance of identifying new export opportunities, removing non-fee obstacles, and strengthening communication between embassies and industry during Faisal without negotiations. He called for a strong reporting through trade connect to repeat the role of missions in business, technology, tourism and investment incentives and to maximize global access.
Held a productive meeting with he faisal bin fadel al-ibrahim, minister of economy and planning, saudi arabia.
Discussed strengthening India-saudi arabia ties, with a focus on Enhancing Our Trade & Investment Partnership and Collecting in Key Sector LIKE PHARMACETICALS,… pic.twitter.com/e26mco2kil
– piyush goyal (@piyushgooyal) July 16, 2025
Significantly, despite the increase in American tariffs and global uncertainties arising from geopolitical stresses, India’s export of total goods and services in June 2025 reached $ 67.98 billion, indicating an increase of 6.5 percent compared to the figures of the same month last year.
