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Trade between India, Saudi Arabia can reach $200 billion: Goyal

News On Time Desk 12 September 2023

New Delhi: Union Commerce and Industry Minister Piyush Goyal met Saudi Arabia's Investment Minister Khalid A. Al-Falih said at a meeting of top entrepreneurs from both the countries here that the annual bilateral trade can reach $200 billion.

He said in the meeting organized by the Industry Board here on Monday that India aspires to ensure unprecedented development in the Amrit Kaal. Shri Goyal discussed how trade between the two countries can be doubled from the current level of $52 billion and then further increased to $200 billion annually.

The Commerce Minister invited investors from Saudi Arabia to visit Gujarat International Finance-Tech (GIFT) City and subsequently bring investments. Investors will greatly appreciate that India's regulatory regime has been simplified, he said. Furthermore, there is only one regulator for all regulations. Additionally, India has given tax breaks and made it seamless to transfer funds in and out of the GIFT City.