India, Saudi Arabia set trade target of $8 billion

Friday, 17 October 2003, 19:30 IST
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MUMBAI: The buoyant economic ties between India and Saudi Arabia could see trade between them balloon to $8 billion annually from the current $4.4 billion, according to the Indo-Arab Chamber of Commerce. Speaking to a visiting delegation of businessmen from Saudi Arabia, Mumbai industrialist Sushil Jiwarajka, president of the chamber, Wednesday said Saudi Arabia was India's fifth largest importer and 14th largest exporter. This relationship would be strengthened in future, Jiwarajka said. Trade relations between the two countries, built up over several centuries, have been cemented since the kingdom adopted liberal rules towards a free market economy, he said. The 21-member Saudi Arabian delegation is led by Abdul Rahman Al-Jeraisy, chairman of the Council of Saudi Chambers of Commerce and Industry and chief of the Al Jeraisy Group, which is engaged mainly in IT and computers. Jiwarajka noted Indian companies had established 21 joint ventures in Saudi Arabia in various sectors, including management and consultancy services, construction projects, telecommunications, pharmaceuticals and IT. Several collaborations have also been made in designing, financial services and software development projects. According to Jiwarajka, there are 37 Indo-Saudi joint ventures in India. Saudi Arabia is a major importer of rice, tea, manmade yarns, fabrics, made-up cotton yarn, iron and steel, chemicals, plastic, machinery and medical instruments from India. India imports crude oil, organic and inorganic chemicals, artificial resins, plastic material, sulphur, paper pulp and waste paper, ores and metal scrap, coal, coke and briquettes and non-ferrous metals.
Source: IANS
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