Embassy to host Saudi-India Business Network meeting in Riyadh.

A meeting of Indian and Saudi businessmen will take place at 6 p.m. on Sept. 2 at the Indian Embassy in Riyadh.
It will discuss ways and means of building a Saudi-India Business Network (SIBN) in the Kingdom, said a press release from the embassy.

The embassy is planning to launch the Saudi-India Business Network in Riyadh and another in Dammam to further promote trade and commerce, investment, business-to-business interactions and exchanges between India and Saudi Arabia.
The SIBN is being set up under the patronage of Ambassador Hamid Ali Rao, according to the embassy statement. It would comprise Indian and Saudi businessmen, entrepreneurs, industrialists and members of business chambers from both countries.

Indian and Saudi companies recruiting Indian workers are also welcome to join the network, according to the release.
India-Saudi trade relations have witnessed a steady and remarkable growth in the last few years under the visionary leadership of the two countries, said the release.

Saudi Arabia is India’s fourth largest trade partner and the bilateral trade stood at $43.19 billion in 2012-13. Saudi Arabia is also India’s largest supplier of crude oil, accounting for 19 percent of India’s oil requirements.

For Saudi Arabia, India is the fifth largest market for its exports accounting for 7.55 percent of global exports.
Several Indian firms have collaboration with Saudi companies and are working in the Kingdom in diverse sectors like designing, consultancy, financial services, software development, construction, etc.

The SIBN is planned as a forum for the business community in Saudi Arabia to interact, share their experience and knowledge to further promote India-Saudi trade and economic relations.

The embassy says it is looking forward to the participation of Saudi businessmen at the first SIBN meeting in Riyadh.

Source : arabnews.com