India and Saudi Arabia are set to explore new avenues of cooperation in the textile sector, as Commerce and Industry Minister Piyush Goyal embarks on a two-day visit to the Gulf nation starting Tuesday.
Goyal will participate in the Future Investment Initiative (FII) in Riyadh, a global platform for leaders, investors, and innovators. On the sidelines of the FII, he will engage with prominent global investors to boost India’s image as a preferred investment destination.
The minister will also hold bilateral meetings with key Saudi ministers to discuss collaborative efforts in energy transition, digital transformation, and trade facilitation. A particular focus will be on the textile sector, where both countries have significant potential for growth and mutual benefit.
India and Saudi Arabia are already major trading partners. By strengthening their economic ties, both nations can unlock new opportunities in the textile industry, including:
- Joint ventures and partnerships: Collaborating on textile manufacturing, processing, and export.
- Technology transfer: Sharing expertise and innovation in textile technologies.
- Supply chain optimization: Streamlining the supply chain to reduce costs and improve efficiency.
The second ministerial meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council will also be a crucial platform for discussing these opportunities.
By deepening cooperation in the textile sector, India and Saudi Arabia can further strengthen their economic relationship and contribute to the global textile trade.
