Saudi-India Trade Reaches $21bn.

JEDDAH: A 13-member business delegation from the Confederation of Indian Industry (CII) visited the Jeddah Chamber of Commerce and Industry (JCCI) on Monday.

JCCI Secretary-General Adnan Hussain Mandourah, Consul General of India Faiz Ahmed Kidwai and delegation leader K. K. M. Kutty organized the meeting as a major step to encourage an expansion of business cooperation between India and Saudi Arabia and explore new areas of mutual interest.

Trade ties between the two countries have seen an unprecedented growth, said Kidwai.

Mandourah said India is the fifth largest trading partner of Saudi Arabia whose market registers an annual constant increase in the appreciation of Indian products. Since 2009, he said exports from India grew in fact by 8 percent reaching $ 3.7 billion.

He said Saudi-Indian bilateral trade value that was just $ 3.4 billion in 2005-06 had now grown to more than $ 21 billion.

The huge rise in Saudi Indian bilateral trade is mainly due to India’s crude oil imports from Saudi Arabia but businessmen are analyzing ways of diversifying the trade basket and embark on a new level of cooperation, he said.

The CII, a nongovernment and nonprofit organization comprising more than 8,000 companies, tries to achieve this goal working close to the government in encouraging the growth of manufacturing and IT companies.

Apart from the managing director of South West Group of Companies, K. K. M. Kutty, the CII business delegation to Saudi Arabia included prominent businessmen eager to offer their services in a variety of sectors.  

According to Kutty, their arrival is part of a strategy to foster investments, exchanges and partnerships in fields related to manufactured goods, mining, infrastructure, machinery, IT, consulting, business, travel, tourism, transport, education, pharmaceutical, biotechnologies and healthcare sectors that are rapidly growing in both countries.

“We would be keen to participate in the Kingdom’s Economic Cities and expand our footprint in the Gulf region through Saudi Arabia as a springboard. At the same time, we would like to have a greater participation of Saudi companies in promising sectors in India,” he said.

The consul general added: “I am sure that thetrade delegations from India will use the opportunity to create investments and economic partnerships.  We at the consulate are trying to promote better relations between the two countries, get as many trade delegation to Saudi Arabia as possible and encourage our Export Promotion Councils to set up exhibitions in the country.”

The delegation, that met on Sunday with officials from King Abdullah Economic City and Saudi Arabia General Investment Authority (SAGIA), will end the visit on Tuesday after visiting the Yanbu Chamber of Commerce and Industry, petrochemical industries and other plants.

The Saudi Indian Business Network (SIBN) hosted a reception in honor of the visiting delegation in Jeddah. The CII made a presentation on the Indian economy at this event.

Delegation members gave a brief description about their activities.

Their companies are representing different sectors such as: manufacturing of pumps, gaskets, polymer products, rubber sheets; setting up hospitals, IT solutions, business and industry consultancy and management, infrastructure construction, design & construction, agricultural machinery and tractors, water treatment, banking/financial etc.

Source : arabnews.com