DAMMAM, 17 April — Indian businessmen optimistic about business prospects in Saudi Arabia are studying viability of investment in various sectors. This is what emerged during a dialogue between Saudi businessmen and a high-powered Indian delegation at the Eastern Province Chamber of Commerce and Industry here yesterday.
Saudi businessmen present at the meeting also showed interest in several products and services offered by the Indian team. The 13-member delegation of the Confederation of Indian Industries is led by J.J. Irani, president of Tata Steel.
Welcoming the delegation, EPCCI Secretary-General Dr. Ibrahim Al-Mutrif said trade between the two countries had grown to satisfactory level over the past few years.
He, however, said that prospects of expansion was still there. Al-Mutrif said recent government decisions on liberalization would pave way for increase in trade exchange between the two countries. Commending India’s stride in information industry, he said Saudi Arabia could benefit from cooperation with India in this field.
Irani thanked the chamber officials and businessmen for the overwhelming response his delegation was receiving during its visit to the region. He said India was emerging as a third alternative, after the United States and Britain, in technology transfer, especially in information technology.
He said the visit of Indian Foreign Minister Jaswant Singh to Riyadh early this year had boosted trade relations between the two countries.
After the joint discussions, the meeting broke into groups where businessmen from the two countries began their individual sessions in specific areas. The Indian businessmen expressed their desire to invest in various sectors in the Kingdom and wanted to set up joint ventures here as well as in India.
Nasser ibn Saad Al-Arifi, CEO of Jzala Group Investment, hosted a lunch in honor of the delegation. Today, the delegation members will visit Saudi Aramco where they will explore possibility for tie-ups in the energy sector. The team will leave for Jeddah later in the afternoon.
