India, Saudi Arabia agree to enhance investments

Friday, 26 November 2010, 21:36 IST
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New Delhi: India and Saudi Arabia today agreed to increase investments in each other's country through joint ventures to enhance economic cooperation. Commerce and Industry Minister Anand Sharma and Saudi Arabian Minister of Commerce and Industry Abdullah bin Ahmed Zainal Alireza, who met here, agreed to regular exchange of business delegations to sensitise the businesspersons in both the countries. "Sharma said that India is keen to set up Joint Ventures for gas-based fertilizer plant in Saudi Arabia. Indian firms have evinced keen interest in setting up of such projects in the Kingdom of Saudi Arabia," an official statement said. India received foreign direct investment worth USD 31.5 million between April 2000 and August 2010 from Saudi Arabia. The main sectors that attracted FDI are electrical equipments, food processing, automobile, computer software and hardware and telecommunications.
Source: PTI
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