Saudi Arabian delegation seeks to boost trade

Tuesday, 14 October 2003, 19:30 IST
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NEW DELHI: The largest ever business delegation from Saudi Arabia is in India to seek joint ventures, investments and trading opportunities to double bilateral trade from an estimated $5 billion at present. "We are seeking to assist in joint ventures, investment and trade between India and Saudi Arabia," said Saleh Moh'd Al-Ghamdi, Saudi Arabia's ambassador to India, here Monday. "There are already a dozen of them established here in India. We will work on many tracks. And business will provide many avenues to explore areas of interest for mutual cooperation." "There is a lot of potential but business is not growing as we would like it to. The balance of trade currently tilts in our favour and we want to even this out," Al-Ghamdi told IANS. Oil constitutes a major share of Saudi Arabia's $3 billion worth exports to India. The 20-member delegation led by Abdul Rahman A. Al-Jeraisy, chairman of the Council of Saudi Chambers of Commerce and Industry, is here at the invitation of the Confederation of Indian Industry (CII). The delegation, which began its tour on Sunday, will be in India till October 17 and will be visiting Mumbai and Hyderabad to explore joint ventures and investment opportunities. "We want to source more products from India and also want to see more Indian investment in industry and services in Saudi Arabia, which now permits 100 percent expatriate investment in industry," said Al-Jeraisy. He said there were 1.5 million Indians in Saudi Arabia. Praising their skill and entrepreneurship, he said Indians enjoyed a good reputation in business and were known to be loyal to their jobs. "We are here to see how we can increase bilateral business," Al-Jeraisy added. He said Saudi Arabia was exporting several products to India, including IT products like smart cards and credit cards as well as food products. Al-Jeraisy said the two areas his country was seeking Indian participation in were power and water projects including desalination, installation and distribution. "We want people from India to come and work with us in these projects," said Al-Jeraisy. In power projects alone, Saudi Arabia is expected to invest $100 billion over the next few years. Said the Saudi official: "We would like to see our bilateral relations moving." "We see considerable potential in exports from Saudi Arabia to India, particularly in food products, and we're here to explore the market," said Yousef A. Al Ohalia, senior industrial specialist with the Saudi Fund for Development. Abdulrahman A. Al-Tuwaijri, president of Al-Enjaz Consulting House for Energy and Engineering, was all praise for Indian expertise. "I am looking for consultant companies for joint venture having witnessed the work of BHEL (Bharat Heavy Electricals Limited)," Al-Tuwaijri, a former deputy minister for electricity, told IANS. "I am keen to work with Indian companies and hope to reach some agreement during my visit here." N.A. Pathan, chairman of CII Gulf Council and director of Tata Services Limited, said his company was planning to enhance its activities in Saudi Arabia. CII is also planning to take a delegation to Saudi in December 2003 for bilateral talks.
Source: IANS
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