Ummid Assistant

Jamia Millia launches courses on China, Afghanistan

IGNOU launches value education programme for teachers

Welcome Guest! You are here: Home » Business & Economy

Saudi Arabia seeks to boost trade, investment with India

Wednesday January 04, 2012 06:06:27 PM, IANS

New Delhi: Saudi Arabia Wednesday said there is a huge potential for stepped up economic engagement with India in view of the growing uncertainties in Europe and the US, and called for a liberal visa regime for businessmen for increased trade and investment.

"There is a great potential to increase bilateral trade. There is need for more economic cooperation," the kingdom's Commerce and Industry Minister Tawfeeq bin Fouzan Al Rabiah said here.

Al Rabiah invited Indian companies to invest in his country which, according to him, would offer opportunities of $625 billion by 2020.

Al Rabiah, who is leading a 35-member business delegation to India, said bilateral trade had risen five times in the last 10 years.

"There is a big jump in our trade. It increased to over $25 billion last year from around $5 billion 10 years ago. But I see huge potential to increase it further," Al Rabiah said on the sidelines of the fourth India-Saudi Arabia Business Council meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Two-way trade between India and Saudi Arabia was $25.61 billion in 2010-11. The balance of trade is tilted in favour of Saudi Arabia as India imports huge quantities of oil and petrochemical products.

India imports almost 23 percent of its crude oil requirements from Saudi Arabia. The country imported goods worth $20.38 billion in 2010-11, but its exports were a mere $5.22 billion.

The visiting minister held talks with Commerce and Industry Minister Anand Sharma aimed at boosting commercial ties.

"Economic ties between India and Saudi Arabia will constitute a very solid foundation for the development of strategic partnership. While the trade ties at present are already quite substantial, there exists immense potential for taking the bilateral trade relations to a higher level," said Sharma.

Sharma emphasised the need for increasing the volume of trade in traditional items and diversifying the trade basket.

"India would like to participate in the petroleum and gas sectors in Saudi Arabia both upstream and downstream and invites Saudi Arabia to invest in Indian petroleum and gas based mega industrial estates, fertilisers and petrochemical plants and refineries," the commerce and industry ministry said in a statement after the talks.

The two countries have pledged to elevate the current buyer-seller relationship to a "strategic energy cooperation".

Addressing a meeting organised by the Confederation of Indian Industry (CII), the Saudi Arabian minister called for greater two-way investment flows.

"Saudi Arabia offers investment opportunities of $625 billion by 2020. We welcome Indian companies with skills and talent to take part in our development process," Al Rabiah said.

Over 230 Indian firms have made investments of around $1.2 billion in Saudi Arabia so far. More than 50 Saudi companies are operating in India. They have invested around $230 million.





Bookmark and Share

Home | Top of the Page


Note: By posting your comments here you agree to the terms and conditions of

Comments powered by DISQUS






Top Stories

Lokpal bill is well thought out: Amartya Sen

Amid fiasco in Parliament over the Lokpal bill and strong criticism of some of its clauses on Lokayukta by different political parties, Nobel laureate, economist Amartya Sen Monday said that the anti-graft legislation »

Congress, BJP resume trading charges on Lokpal bill

Lokpal bill now in freeze, but discourse gets hotter


  Most Read

PM says China overtaking Indian science, R&D spending to double

Admitting that India's position in the world of science was being overtaken by countries like China, Prime Minister Manmohan Singh Tuesday announced that   »

Omar says CISF firing 'inexcusable', promises justice

Jammu and Kashmir Chief Minister Omar Abdullah Tuesday met the family of the student killed in CISF firing and said he would leave no stone unturned to ensure justice for the victim of the "inexcusable  »

Five troopers held for Kashmir firing death


  News Pick

Madhya Pradesh’s bill for ban on cow slaughter gets Presidential nod

The long-pending Madhya Pradesh Gauvansh Vadh Pratishedh (Sanshodhan) Vidheyak 2010 has received the Presidential assent following which it has become an Act and has been published  »

MIM's Majid Hussain is the new mayor of Greater Hyderabad

Mohammed Majid Hussain of the Majlis-e-Ittehadul Muslimeen (MIM) is the new mayor of Greater Hyderabad. He was unanimously elected the mayor and Rajkumar of the Congress party the deputy mayor by the Greater  »

Amid political war, Habibullah, Jadhav urged to push AMU Malegaon

Amid political fight over the location of the Aligarh Muslim University (AMU) sub centre in Maharashtra, a delegation from Malegaon called  »


Picture of the Day

Union Human Resource Development Minister Kapil Sibal inaugurating the long awaited Aligarh Muslim University (AMU) special centre at Malappuramm in Kerala  on December 24, 2011.




RSS  |  Contact us


| Quick links



Subscribe to

Ummid Assistant



Science & Technology



About us




Government Schemes










Contact us





    Disclaimer | Terms of Use | Advertise with us | Link Exchange is part of the 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 conditions mentioned.

© 2010 Awaz Multimedia & Publications. All rights reserved.