Saudi looking up to India to boost trade

Saudi looking up to India to boost trade

Thursday, 26 December 2002, 08:00 Hrs
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MUMBAI: Businessmen from Saudi Arabia have urged Indian businessmen to enter into joint venture projects in pharmaceuticals, IT and food processing.

The total bilateral trade, excluding oil imports from Saudi Arabia, is currently close to $1.3 billion. At a meeting with a business delegation led by Zaid Al Bassam of the Jeddah Chamber of Commerce, P.K. Jain, President, PHD Chamber of Commerce, said that in spite of the large potential for bilateral trade, the actual trading levels were modest.

India's exports to Saudi Arabia rose by merely 2 per cent over the last one year whereas imports declined by almost 25 per cent.

Bassam said India's expertise in setting up small and medium units could play a major role in Saudi Arabia. "Setting up of joint ventures in pharmaceuticals, IT and food processing will benefit the two countries in identifying new markets for their products in Third World countries as well," he said.

Jain suggested that the two countries could also enhance business relations in readymade garments, chemicals, cosmetics, agricultural products, metal equipment, telecommunications, engineering goods, financial services and construction.

Source: IANS
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