RIYADH, 26 December 2002 — A large number of Saudi and Gulf businessmen will participate in a partnership summit to be held in the Indian city Hyderabad on Jan. 5. More than 50 corporate leaders from the Gulf states have already made travel arrangements to attend this four-day international business event.
Over 600 business leaders, ministers, parliamentarians from several countries, CEOs and bureaucrats from across the globe will attend the Hyderabad summit to share ideas toward establishing a new world order, where networked businesses transcend frontiers to link nations.
Addressing a press conference here on Tuesday evening, A. C. Patankar, principal advisor at the Confederation of Indian Industry (CII) said the business summit will elaborate on how businesses and governments of the Gulf states and India can mutually benefit and prosper in a collaborative setting.
In his opening remarks, Indian Ambassador Talmiz Ahmad said the Kingdom and India have forged close business and investment relations especially after the establishment of the Saudi Arabian General Investment Authority (SAGIA) two and half years ago. Since then, Indian and Saudi business houses have been scouting for potential joint investment opportunities and have already signed 46 investment and joint-venture deals, whose cumulative capital exceeds $350 million.