8NOVEMBER, 2024India and Saudi Arabia are exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles and mining to further boost trade and investment ties, an official statement said on Friday. These areas were discussed during the recent visit of Commerce and Industry Minister Piyush Goyal to Riyadh.He co-chaired the second meeting of the economy and investment committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Saudi Arabia, Abdulaziz bin Salman Al-Saud on October 30 in Riyadh."Both countries are exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining," the commerce and industry ministry said.During the Future Investment Initiative (FII) event, the minister urged global investors to seize emerging opportunities in India, particularly in high-growth sectors such as artificial intelligence, renewable energy, digital infrastructure and advanced manufacturing.India is the second largest trade partner for Saudi Arabia whereas Saudi Arabia is India's fourth largest trading partner.The bilateral trade between the two countries stood at USD 43 billion in 2023-24 against USD 53 billion in 2022-23. Over 2,700 Indian companies are registered as joint ventures/wholly-owned entities, with investments worth about USD 2 billion in the Kingdom.Saudi's direct investments in India amounted to USD 3.22 billion from April 2000 to June 2024. TOP STORIESBASMATI RICE EXPORTS SURGE 11 PERCENT TO $2.87 BILLION AFTER MEP REMOVALBasmati rice export showed a significant 11 percent increase, amounting to $2.87 billion. The recent elimination of the $950 per tonne minimum export price (MEP) implemented in October 2023 has helped boost the increase in high-value shipments.Government officials cited in the report stated that lifting limitations on rice exports is expected to result in a resurgence of agricultural exports in the latter half of FY25. The government lifted almost all restrictions on the export of basmati and non-basmati rice last month, which included getting rid of the MEP and export taxes.Despite a 17 percent decrease in exports of non-basmati rice from April to September, totaling $2.25 billion because of restrictions, experts anticipate an increase in export quantities following the elimination of duties and MEP, which will help India regain its top spot in the worldwide rice market. The business-daily quoted Akshay Gupta, business head of bulk exports at KRBL, a major basmati exporter under the `India Gate' brand, stating that India's rice exporters are better positioned to reclaim lost market share due to trade policies. The timing of these eased export measures is particularly advantageous, given the expected 10-15 per cent increase in crop yield compared to last year.In the first half of FY25, India's agricultural sectorand processed food exports dipped slightly by 1 percent to reach $12.13 billion. This decline is credited to a significant 17 percent reduction in exports of non-basmati rice. INDIA AND SAUDI ARABIA TO EXPLORE COLLABORATIONS IN EMERGING SECTORS
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