Saudi Arabia will consider setting up an office of its Sovereign Wealth Fund in India's Gujarat International Finance Tec-City (GIFT) in the west, Investment Minister Khalid Al Falih said in New Delhi on Monday.

"I match your offer and commit today to opening an office," Falih after India's trade minister Piyush Goyal invited Saudi to set up an office in GIFT City.

GIFT City is India's tax-neutral financial services centre and a key project for Indian Prime Minister Narendra Modi, with the aim rivalling financial services centres in Dubai and Hong Kong.

Goyal also said he will suggest that his ministry starts an investment promotion office in Riyadh.

Modi and Saudi Crown Prince Mohammed bin Salman reviewed trade ties in a meeting on Monday, a day after the G20 summit in New Delhi.

(Reporting by Shivangi Acharya and Nidhi Verma, writing by Blassy Boben, editing by Ed Osmond)