JEDDAH, 10 July 2005 — Commercial ties between Saudi Arabia and India are poised for a “giant leap,” with India newly identifying areas for Saudi investors.
Some of the “most promising” areas for investment include biotechnology, information technology, bulk drugs and pharmaceuticals, tourism, mines and minerals, agro food processing, and leather and textiles, top executives of Saudi-Indian Business Network (SIBN) told a press conference at Jeddah Trident on Friday night.
“I see immense scope for expanding bilateral commercial cooperation,” SIBN President and Saudi businessman Abdul Khaliq Sayeed said on his return from a tour of India.
Sayeed visited Delhi, Hyderabad and Bombay and met with federal and state ministers and officials discussing the possible areas in which businessmen from the two countries could further cooperate and expand bilateral commercial interests.
Describing India as a “wonderful land of opportunities,” he said his visit was “successful and fruitful” as he could discuss various projects for joint cooperation and investment on behalf of Saudi businessmen. He said he would spread the message among Saudi businessmen that India, which had made tremendous progress in science, technology and commerce, offered vast scope for Saudi investors. He singled out infrastructure, IT, pharmaceutical, chemical, diamond, hotel, and food sectors that could be a “rewarding experience” for Saudi investors.
Sayeed met with federal Finance Minister P. Chidambaram in New Delhi and Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy in Hyderabad and discussed with them the prospects of further expansion of commerce and trade between the two business communities.
“Hyderabad, the city of Charminar, impressed me the most with its peaceful, calm, clean, green and beautiful environment, so I have decided to build a five-star hotel there in collaboration with the Andhra Pradesh (AP) government,” Sayeed said.
AP Information and Public Relations Minister Mohammed Ali Shabbir, who honored Sayeed with a shawl and Charminar replica, said the state had become the focus of attention for overseas investors due to its many advantages. “The state is heading toward becoming a $300 billion economy by 2010, and has introduced a new industrial policy to drive speedy growth and improved infrastructure, and created a special economic zone to attract overseas investors,” Shabbir said, adding that incentives and tax concessions for investors, and a single window clearance facility for processing investments have also been offered.
Saudi Ambassador in New Delhi Saleh Al-Ghamdi recently visited Hyderabad and showed his interest in further promoting close bilateral relations, the minister said.
Indian Consul General Dr. Ausaf Sayeed, Hassan Ghias and C.J. Shahjahan also spoke about the contribution of SIBN in forging cooperation between the business communities of the two countries.