JEDDAH, 19 April — A proposal to form two coordinating committees between the Jeddah Chamber of Commerce and Industry and the Confederation of Indian Industries was made at a meeting here yesterday. The panels are related to two highly specialized fields — information technology (IT) and small & medium enterprises (SMEs).
Muhammad A. Al-Sharif, JCCI’s assistant secretary-general for commercial and industrial affairs, addressing a CII delegation said the panels could be a catalyst in sustaining interaction between the businessmen of the two countries. Each committee could have three members from the JCCI and the CII, he said.
The size of the Kingdom’s market was huge and competitive, and Indian businessmen could explore it to mutual advantage. He said the chamber was a vast reservoir of information and resources which the Indian businessmen could make use of. “Soon we’ll have a website of our own which can be accessed for updated information,” Al-Sharif added.
J.M. Gandhi, who is leading the Indian delegation in the last leg of a Kingdomwide tour, said the Kingdom had always looked to the West for business deals but could now turn to the East. He said India had a large economy in terms of purchasing power, a rapidly growing consumer market, a strong and mature private sector accounting for 75 percent of GDP, skilled manpower and a well-balanced package of fiscal incentives.
A.C. Patankar, principal adviser at CII, said India had now given a go-by to its restrictive policies practiced in the past 50 years and had now been liberalizing its economy. “The next two-three years will be critical, but surely the Kingdom could take advantage of the emerging economic scene in India,” he added.
The mission, led by Dr. J.J. Irani, managing director of Tata Steel Ltd., arrived in Riyadh on April 14. It also toured the Eastern Province. Irani left for Chicago to attend a meeting after the second leg of the tour.
Consul General Syed Akbaruddin, who accompanied the mission, emphasized the role of the private sector in the new world order. “The role of governments is shrinking internationally and the private sector is taking over. And now the role of the government is of a felicitator only. I’m speaking here as a match-maker between the CII and the SCCI to provide them with all possible information and support for joint ventures,” he added.
J.K. Baid of Polycure Martech said a joint venture agreement had been signed with a Dammam company for the manufacture of rotomoulded tank, with the Indian partner’s equity of 26 percent. The mission, which also held a one-to-one discussion with local businessmen, ends its tour today.
