New Delhi, Oct 28 : In a bid to further enhance economic ties and participate in the '8th Future Investment Initiative', Union Minister of Commerce and Industry, Piyush Goyal, is set to visit Saudi Arabia from October 29-30.

The minister will hold bilateral meetings with key Saudi ministers, including the Minister of Commerce, Minister of Industry and Mineral Resources, Minister of Investment and Minister of Energy, to discuss collaborative efforts in energy transition, digital transformation and trade facilitation.

The bilateral trade between the two countries stood at $43 billion in 2023-24. India is the second largest trade partner for Saudi Arabia, whereas Saudi Arabia is India's fourth largest trading partner.

Minister Goyal will also inaugurate the Diwali Utsav at Lulu Hypermarket in Riyadh and interact with the Indian community and emerging leaders of the Indian diaspora from various walks of life.

According to the Ministry of Commerce and Industry, the Commerce Minister will also unveil the One District, One Product (ODOP) Wall at the Indian Embassy, promoting India's rich cultural heritage and local craftsmanship on a global scale.

'This visit aims to further deepen the India-Saudi Arabia strategic partnership and explore new avenues of trade, investment, and economic cooperation, underscoring India's growing global economic presence,' the ministry said in a statement.

Goyal will also participate in the 8th edition of the Future Investment Initiative (FII) in Riyadh, a crucial platform that brings together global leaders, investors and innovators. On the sidelines of the FII, the minister will engage with prominent global investors.

According to a ministry statement, these interactions aim to strengthen investor confidence, facilitate investment flows, and promote India as a preferred global investment destination, aligning with the 'Make in India' initiative.

Minister Goyal will also co-chair the second Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council, focusing on sectors like agriculture, food security, energy, technology and infrastructure.

/IANS