Dubai: A high-level delegation of Indian corporate leaders, under the aegis of the Confederation of Indian Industry (CII), is visiting Saudi Arabia at the invitation of the Council of Saudi Chambers of Commerce and Industry.

During its stay, the team is to hold discussions with Prince Abdullah Bin Faisal bin Turki Al-Abdullah Al Saud, Governor of the Saudi Arabian General Investment Authority (SAGIA), and Saleh Al Husseini, Deputy Minister for industry and leading Saudi businessmen.

The delegation will also hold talks with the Council of Saudi Chambers of Commerce and Industry and the chambers in Riyadh, Dammam and Jeddah and meet Saudi businessmen to establish partnerships.

Indian Ambassador to Saudi Arabia Talmiz Ahmed said that the visit of the delegation would strengthen economic co-operation between the two countries at the industry level.

“It will promote two-way investment, joint ventures, technology transfers and marketing tie-ups. The effort of the delegation will be to establish long-standing partnerships with Saudi industry to encourage two-way business,” Ahmed said.

Managing Director of Tata Steel Ltd J J Irani, one of India's largest companies, is the leader of the delegation. A large number of companies from sectors such as steel, chemicals, power equipment, process plant and equipment, oil field services and equipment, information technology, plastics, auto components, telecom related services, industrial products, diesel engines, pumps, irrigation and agricultural equipment, engineering services and oil and power related consultancy services, is represented in the delegation.

India and Saudi Arabia have had trade relations over several centuries. During the last three years, the value of two-way trade has been over $ 3 billion per year. The delegation, which arrived in Riyadh on April 13, leaves for Dammam on April 16 and will be in Jeddah from April 19.

Indian officials say that Saudi Arabia is the 14th largest market for India and is the source of 7.2 per cent of its imports. India is the fifth largest market for Saudi Arabia accounting for 4.3 per cent of its total exports.

India ranks 10th in terms of imports from Saudi Arabia, accounting for 2.6 per cent of its total imports. The value of two-way trade in 1999-2000 was $ 3.07 billion.

Traditionally, India's exports to Saudi Arabia include basmati rice, engineering goods, tea, textiles (yarn and fabrics), oil meals, iron and steel, machinery and instruments, processed fruits and juices, dyes, intermediates and spices.

Saudi Arabia is the largest supplier of crude oil to India. The public sector oil firms in India have a term contract with Saudi Aramaco to purchase 7.5 million tons of crude a year, which is about 16 per cent of their total annual crude imports.

The visit of the high-level delegation comes after a successful visit by External Affairs Minister Jaswant Singh in January. Indian officials said that both countries were in agreement over the need to substantially enhance political and economic cooperation, adding that Singh's visit “signifies India's eagerness to strengthen its ties with the kingdom”.

Among other Indian ministers to visit Saudi Arabia are Minister of Petroleum and Natural Gas Ram Naik. During his November visit, he discussed with the Saudi Arabian Minister of Petroleum Ali Ibrahim Al Naimi ways to increase co-operation in the field of energy.

The CII, a non-profit industry-led and industry-managed organization, is India's apex business association, with a membership of 3,800 companies from both the private and the public sectors.

India Abroad News Service

Home    News