In an effort to improve the trade relationship between India and Saudi Arabia, a thirteen-member delegation of Indian business leaders met a group of influential executives from Saudi Arabia on Saturday.
Great Chance For Investment
The Secretary-General of the Asharqia Chamber of Commerce, Abdulrahman A. Al-Wabel, was among the Saudi business leadership at the summit. Al-Wabel told the Indian business community that now is the time to take advantage of the many investment opportunities which are available in Saudi Arabia.
“Make the most of our favorable investment climate,” he told the visiting delegates.
There are over 200 companies from India now doing business in Saudi Arabia, said Al-Wabel. “Their total investment exceeds AR 4 billion,” he stated.
Joint Projects Can Be Launched
The Saudi business leader suggested to their Indian colleagues that they should think about possibly launching joint projects with an intention of eventually transferring technology. It was acknowledged at the meeting that over 50 Saudi companies, or partnerships with India, are now under way in India, with an investment total of at least SR 858 million.
The head of the Indian delegation, K.K.M. Kutty, a representative of the Confederation of Indian Industry (CII) addressed the growing trade relations between the two countries.
“However, there is still an enormous potential to take this business further,” he said.
The first secretary of commerce and education at the Indian Embassy in Riyadh, Ashok Warrier, stated that the visit of the Indian delegation to Saudi Arabia was a great success.
“They met a number of Saudis and had fruitful discussions,” he said. “This is yet another testimony of the growing relationship between our two countries.”