Saudi investments needed in India

Updated 16 December 2012
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Saudi investments needed in India

Several Saudi businessmen expressed their strong interest in investing in the Indian economy, during a recent visit that entailed three cities.
The need for greater Saudi investments in India rose to the forefront of talks after the Director of the Indian Arab Chamber of Commerce and Industry Sunanda Rajagopal highlighted that only 46 Saudi companies operate in India, while 486 Indian firms are active in the Kingdom. The Indian companies are operating in the Kingdom under licenses issued by the Saudi Arabian General Investment Authority.
The Saudi business delegation voiced their concerns regarding the high Indian tax rates and expressed the hope that any obstacles hindering mutual business activities will be overcome through negotiations, Al-Eqtisadiah daily reported yesterday.
However, Indian Consular General in Jeddah Faiz Ahmed Kidwai said the Indian government treated all foreign investors alike and there was no provision to give special treatment to any foreign investors including Saudi Arabian businessmen.
Kidwai made that statement while explaining to the visiting Saudi delegation the economic situation in India and the means to boost Saudi-Indian commercial relations, in addition to the possibility of opening joint ventures.
“Even though there is no special treatment offered to any foreign country, the bilateral relations between India and Saudi Arabia are very strong, especially after Custodian of the Two Holy Mosques King Abdullah’s visit to India and Indian Prime Minister Manmohan Singh’s visit to the Kingdom,” the consul general said.
Kidwai also affirmed the economic stability of both the countries and noted that the two economies are progressing unhindered by the recent global economic crises.
Speaking on the occasion, Chairman of the Saudi Indian Business Network Ghazi Bin Zagr said he believed in the depth of the bilateral relations between the two countries.
“It is time for the private sector to take the conducive bilateral relations farther ahead. We are very pleased to visit the three Indian cities, including New Delhi.

During our visit we noticed many investment opportunities available for Saudi businessmen, namely in the real estate sector, information technology sector, as well as the textiles, garments and food industries,” he said.
A young businessman, Meshari Zahran of the Zahran Contracts, suggested the establishment of advanced technology universities in the Kingdom with Indian collaboration.
The visiting team also met with leading Indian industrialists, including the Chairman of Tata Group Ratan Naval Tata who explained his companies’ policies and offered training opportunities for Saudi youth.

 


Saudi crown prince signs raft of cooperation agreements with China

Crown Prince Mohammed bin Salman signs an agreement between the Kingdom and China in Beijing on Friday. (SPA)
Updated 52 min 10 sec ago
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Saudi crown prince signs raft of cooperation agreements with China

  • the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee

BEIJING: Crown Prince Mohammed bin Salman on Friday met with Chinese Vice Premier Han Zheng to discuss ways of further developing relations between the Kingdom and China.

The meeting took place in the grand surroundings of the Great Hall of the People in the Chinese capital Beijing. After their talks, the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee which he co-chaired with Zheng.

Delegates at the meeting discussed moves to strengthen cooperation between the two countries on trade, investment, energy, culture and technology, as well as the coordination of political and security matters. The committee also reviewed plans for greater integration between China’s Belt and Road development strategy and the Saudi Vision 2030 reform program.

After agreeing on the minutes of the meeting, the Saudi royal and Zheng took part in the signing of a range of agreements, memorandums of understanding (MoU), investment projects and bilateral cooperation accords between the Kingdom and China:

The cooperation agreement in maritime transport between the Chinese and Saudi governments, signed by Saudi Minister of Commerce and Investment Majid Al-Qassabi and Chinese Minister of Transport Li Xiaopeng.

MoU between the Kingdom’s Ministry of Energy, Industry and Mineral Resources and the National Development and Reform Commission in China, signed by Saudi Energy Minister Khalid Al-Falih and Ning Jizhe, vice chairman of the National Development and Reform Commission.

MoU between the Chinese Ministry of Commerce and Saudi Ministry of Commerce and Investment to form a working group to facilitate trade, signed by Abdul Rahman Al-Harbi, the Kingdom’s deputy minister of commerce and investment, and Qian Keming, Chinese vice minister of commerce.

Loan agreement between the Saudi Fund for Development (SFD) and the Chinese Ministry of Finance to build and equip three hospitals in Yanbian city in Jilin Province, signed by Saudi Minister of State for Foreign Affairs Adel Al-Jubeir and the Chinese deputy finance minister.

Rehabilitation

Loan agreement between the SFD and Chinese Ministry of Finance to reconstruct and rehabilitate areas affected by earthquakes in Sichuan Province, signed by Al-Jubeir and the Chinese deputy finance minister.

Agreement between the Saudi Ministry of Interior and the Chinese Ministry of Public Security to cooperate in fighting cybercrime, signed Nasser Al-Dawood, undersecretary of the Saudi Ministry of Interior, and China’s deputy minister for public security.

MoU between the Public Investment Fund (PIF) of Saudi Arabia and China’s National Committee for energy to invest in renewable energy, signed by PIF head Yasir Al-Rumayyan, and the committee’s vice chairman.

Minutes of the meeting about cooperating in combating terrorism between the Saudi Presidency of State Security and Chinese Ministry of Public Security, signed by Lt. Gen. Abdullah Al-Qarni, deputy director-general of General Investigation for the Kingdom, and the Chinese minister.

MoU between the Saudi Authority for Intellectual Property and the Chinese National Committee for Intellectual Property Rights, signed by Dr. Abdul Aziz Al-Swailem, the authority’s executive chairman, and committee chairman Xin Xiangyu.

MoU to participate in investing in renewable energy projects, signed by the chairman of ACWA Power, Mohammed Abunayyan, and president of the Silk Road Fund, Wang Yanzhi.

Cooperation agreement for Saudi Aramco to acquire 9 percent of Chinese project Zhejiang Petrochemical, signed by Saudi Aramco CEO Amin Nasser and Xung Wi, mayor of Zhushan.

Agreement between Saudi Aramco with NORINCO Group and Panjin Sincen to develop a fully integrated refining and petrochemical complex, located in the city of Panjin in China’s Liaoning province, signed by Nasser and Tang Yijun, governor of Liaoning province and chairman of NORINCO.