India, Saudi Arabia to double trade to $100 billion: Piyush Goyal

India and Saudi Arabia can look at doubling bilateral trade to $100 billion in the coming years from about $52 billion at present while making it more balanced, commerce and industry minister Piyush Goyal said on Monday.

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 $52 billion,” he said while interacting with Khalid A. Al Falih, minister of investment of Saudi Arabia at an event organised by the Federation of Indian Chamber of Commerce and Industry (Ficci).


“Can we be more ambitious and take it to $100 billion? Can we look at a more balanced trade with India becoming the provider of food security to Saudi Arabia while Saudi Arabia providing us more energy security like oil and fertiliser. So, it will really be a win-win and complementary relation,” he 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.

Minister Goyal suggested that the two countries can collaborate in areas like IT, food processing and pharmaceuticals.

Saudi minister Khalid A. Al Falih suggested India provide a more visible regulatory framework with transparency and clarity and that Saudi investors in India are treated as most preferred investors.

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.

The two countries have signed about 50 MoUs worth $3.5 billion to strengthen bilateral relations and give a push to trade.