New Delhi [India], November 12 (ANI): Union Finance Minister Nirmala Sitharaman on Wednesday met Khalid Al Falih, Minister of Investment of Saudi Arabia, here to discuss ways to strengthen economic ties between the two countries.

The two leaders reviewed the progress in the Bilateral Investment Treaty (BIT) between India and Saudi Arabia. They agreed on the need for its early conclusion to help unlock stronger two-way foreign direct investment (FDI) and deepen cooperation.

'Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met H.E. Mr. @Khalid_AlFalih, Minister of Investment @MISA, Saudi Arabia, in New Delhi, today. The two leaders discussed Bilateral Investment Treaty #BIT between India and Saudi Arabia, and also sought an early conclusion of the #BIT to unlock robust two-way FDI and to further deepen mutual cooperation,' Finance Ministry said in a post on X.

Earlier in the day, the Finance Minister chaired the third pre-Budget consultation meeting with stakeholders from the Micro, Small and Medium Enterprises (MSME) sector in New Delhi.

The meeting was held as part of the preparations for the forthcoming Union Budget 2026-27.

The meeting was also attended by Union Minister of State for Finance Pankaj Chaudhary, Secretary, Department of Economic Affairs, senior officials from the Ministry of Finance, and senior officials of the Ministry of MSME.

The discussions focused on key challenges faced by the MSME sector and measures to promote its growth and competitiveness.

In a social media post, the ministry stated, 'Union Minister for Finance & Corporate Affairs Smt. @nsitharaman chairs the third Pre-Budget Consultation with the stakeholders from Micro, Small and Medium Enterprises #MSMEs in connection with the forthcoming Union Budget 2026-27.'

Finance Minister had on Monday chaired the first pre-Budget consultation meeting with the country's leading economists in New Delhi in connection with the upcoming Union Budget 2026-27.

These meetings mark the beginning of the series of pre-Budget discussions that the Finance Ministry conducts annually as part of the budget preparation process.

A pre-Budget meeting is essentially a consultation and discussion process held by government finance officials and the Finance Minister with various stakeholders before the final annual budget is formulated and presented to the legislature. (ANI)