Sunday, July 11, 2010

Saudi Arabia offers scope for investment

KOCHI: Talmiz Ahmad, Indias Ambassador to the Kingdom of Saudi Arabia, said here on Saturday that infrastructure and energy sectors in India offered scope for investment by Saudi Arabia. There was also potential for setting up joint ventures in the kingdom in knowledge-based services sectors.

He was addressing a meeting organised by the Indian Chamber of Commerce and Industry here.

Besides being a major trade partner, India sees the kingdom as an important economic partner for investments, joint ventures, transfer of technology projects and joint projects, he said. India is the fourth largest trading partner for Saudi Arabia. The volume of last years trade exchange between the two countries was $25 billion.

Over 550 small and medium Indian enterprises have been set up in the kingdom with a total investment of over $2.5 billion. Of late, the number of Saudi tourists visiting India has started increasing.

With the joining of the kingdom as a member of WTO in 2005, the Saudi economy has opened up and became more investor-friendly. Saudi Arabia is the 15th largest market in the world for Indian exports. The main Indian exports to Saudi Arabia are basmati and non-basmati rice, tea, yarn, fabrics, primary and semi-finished iron and steel, chemicals, plastic and linoleum products, machinery and instruments.

Indias major imports from Saudi Arabia are petroleum and petrochemical products. Saudi Arabia is the largest supplier of crude oil to India. It meets around 26 per cent of Indias crude requirements annually.

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