JEDDAH, 12 March 2005 — Indian businessmen have invested SR1.5 billion ($400 million) in 39 companies and 30 joint ventures in the Kingdom, according to Hifzur Rehman, consul information and administration at the Consulate General of India here.
Speaking to Arab News ahead of today’s meeting of the Saudi-Indian Joint Commission, he said trade exchange between the two countries had crossed $6.5 billion. India is the fourth largest market for Saudi exports and the ninth major destination for the Kingdom’s imports.
The two-day meeting will also witness the launch of Saudi-Indian Business Network (SIBN). The membership of SIBN will be restricted to Saudi businessmen having business interests in India and senior Indian executives working in Saudi companies having trade and commercial interests in India.
Rehman expected that Saudi-Indian cooperation would increase in the hydrocarbon sector. There is also tremendous scope in areas such as tourism, tourism-infrastructure, biotechnology and higher education, he added.