Prophet Mohammad (PBUH): The Man who devised a Secure World: Square shaped Holy Ka’aba ....Read Full
Saudi Arabia rolls out red carpet to the Indian Prime Minister: Indian Prime Dr. Minister Manmohan Singh arrived here on Saturday on a three-day ....Read Full
Hundreds dead in massive Chilean earthquake: Chilean authorities were assessing the damage from a massive earthquake that killed more than 300 people, as Asian nations .....Read Full
Budget 2010: Tax-payers relieved but petrol, diesel became dearer: General Budget 2010 -11 on Friday provided considerable relief to income tax payers by....Read Full
After Bihar, Rahmani-30 to replicate its IIT JEE experience in Maharashtra: Buoyed by the cent per cent result of the first batch of his brainchild Rahmani-30 ....Read Full
Govt. to bring Women Reservation Bill in Parliament next week: The government is planning to bring the Women Reservation Bill, approved by the.....Read Full
India-Pakistan talks conclude, differences remain: Although India and Pakistan both said that the foreign secretary level talks is a “first step ....Read Full
'Muslims shall not wait for Govt. or anyone to ameliorate their conditions': "The glaring fact of Muslims backwardness & exclusion has.....Read Full
Tendulkar becomes first batsman to score double century in ODIs: Sachin Tendulkar on Wednesday became the first batsman in the history of one-day ....Read Full
The very basis of reservation is religion: Maulana Rahmani: Strongly mooting the view that reservation in India is actually based on religion ....Read Full
52 new trains. No fare hikes: Mamta presents Railway Budget with Vision 2020: Railway Minister Mamata Banerjee on Wednesday presented the ''Railway Budget 2010'' in ....Read Full
Healing touch for Pak man in Indian hospital: Even as Foreign Secretaries of India and Pakistan prepare to meet for a serious discussion on cross-border terrorism plauging the region ..... Read Full
'Conditions ripe for Saudi-India energy partnership'
says Manmohan Singh, terms Gulf countries natural partners
Sunday, February 28, 2010 04:47:54 PM, PTI
Prime Minister Manmohan Singh meets Saudi Arabia's Minister of Oil and Mineral Resources Ali Al Naimi at King Saud Palace in Riyadh on Sunday
Saudi Arabia rolls out red carpet to the Indian Prime Minister: Indian Prime Dr. Minister Manmohan Singh arrived here on Saturday on a three-day historic visit. Ministers and senior ....Read Full
Riyadh: Opening India’s doors to Saudi entrepreneurs, Prime Minister Manmohan Singh on Sunday said the “conditions are ripe” for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership.
Dr. Singh, who is on a three-day visit to the oil-rich kingdom, did some hard selling while addressing the influential Saudi Chambers of Commerce and Industry here.
He invited Saudi businessmen to explore investment opportunities in India, particularly in the areas of construction, manufacturing, pharmaceuticals, health, agriculture, energy, telecommunications, tourism and other service sectors with an aim to substantially bolster bilateral trade, which touched nearly $25 billion in 2008-09.
Indian investments into the kingdom stand at more than $two billion, covering over 500 joint ventures.
Several major Indian companies have already established their presence in Saudi Arabia, Dr. Singh said, citing public sector firm RITES, which recently won a contract in the North-South Railways project.
“We deeply value Saudi Arabia’s role as a reliable partner in meeting our energy needs. We believe that conditions are ripe for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership,” said Dr. Singh, the first Indian Prime Minister to visit the kingdom in 28 years.
Dr. Singh said Indian companies are well-equipped to participate in upstream and downstream oil and gas sector projects in Saudi Arabia.
“We should also establish new partnerships in the area of new and renewable energy through sharing of clean technologies and joint collaborations,” he said ahead of his talks with King Abdullah bin Abdulaziz Al Saud.
Saudi Arabia is India’s fourth largest trading partner with two-way commerce being to the tune of about $25 billion.
Energy cooperation between the two countries has witnessed a massive increase since King Abdullah’s Delhi visit in 2006, with Saudi exports jumping from $500 million that year to $23 billion in 2008, surpassing Iran as the largest supplier of crude oil to India.
Dr. Singh said India views its economic cooperation with Saudi Arabia in the wider context of its interactions with the entire Gulf region, with which the country shares deep and historical ties.
“The Gulf countries are our natural partners in every sense of the term. Indians are the largest expatriate community in every country of the Gulf Cooperation Council.
Our businesses should work together across the region, develop cross-country linkages and leverage economies of scale,” he said.
Saudi Arabia hosts around 1.8 million Indians as workers.
Comment on this article
Ummid.com is part of Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and condition mentioned.