JEDDAH, 6 February 2005 — The prospects for improving business and trade relations between Saudi Arabia and India were discussed at a meeting of the Indo-Middle East Chamber of Commerce (IMECC) held at Sheraton Jeddah Hotel over the weekend.
“Information Technology and tourism are among India’s sectors that offer vast scope for overseas investment,” Indian Consul General Dr. Ausaf Sayeed said. “Saudi investors could explore these and some other lucrative business sectors,” he said and urged Saudi families to choose among India’s rich tourist destinations for their next vacation.
The two-year-old IMECC is essentially a forum for promoting trade and commerce between the Kingdom and India, which has its head office in the southern Indian city of Bangalore, the IT capital of India.
Khaled Mohammed Al-Nowaiser, vice chairman and deputy general manager of Saudi Brothers Commercial Co., IMECC President Dr. Mohammed Imran, who is also an Indian silk exporter, and IMECC Vice President and Saudi Businessman Al-Shareef Mohammed M.N. Al-Barakati were among those present. Al-Barakati will be the next president of IMECC after Dr. Imran’s two-year term ends.
The meeting was informed that in the event of a high-level official Saudi delegation visiting India, a composite Saudi business group representing various sectors of trade and commerce could also accompany it. Dr. Imran said that the IMECC was a Saudi-India forum for boosting commercial and business relations bilaterally. “A few entrepreneurs from India and the Kingdom having bilateral commercial/industrial relations joined hands to form IMECC two years ago,” he added.
IMECC plans to open branch offices in Delhi, Bombay, Madras and Calcutta, and also representative offices across the Kingdom. Its mission is to create a cooperative business window promoting joint ventures between the two countries, and act as a catalyst to promote mutual investment, trade and commerce.
The meeting noted that Indian exports have been steadily increasing to this part of the world. “With the mobilizing of membership of businessmen from both countries, IMECC expects the bilateral trade to prosper further,” Dr. Imran said, adding that Saudi companies would find no difficulty in doing business with India “as the economic environment today is the best for overseas investors and traders, and procedural steps have also been eased.”