JEDDAH, 15 August 2005 — The Saudi-Indian Business Network (SIBN) is a professional organization. It came into function on March 13, 2005. Its main function is to bring together entrepreneurs, senior business executives and professionals from Saudi Arabia and India.
The Saudi-Indian Business Network (SIBN) aims to provide a forum for the promotion of trade and commerce as well as manufacturing & trading joint ventures between Indian and Saudi companies, besides promoting investments in either country.
The SIBN aims to act as an informal interface in introducing Indian companies to the vast opportunities that exist in the Kingdom and to aid them in projecting their expertise and strengths in various disciplines for prospective alliances with business and trade organizations operating in Saudi Arabia. It also aims to provide a reciprocal interface for business and trade organizations established in Saudi Arabia to explore business opportunities in India.
The SIBN functions under the patronage of the ambassador of India and is based in Jeddah. The Consul General of India acts as vice patron of the organization. The vice patron has nominated consul (commercial) as chief coordinating officer of the organization. The SIBN is governed by an executive council comprising of 13 members (both Saudis and Indians) and is headed by President Sheikh Abdul Khaliq Saeed.
The SIBN in cooperation with Jeddah Chamber of Commerce and Industry had organized a visit of P. Chidambaram, finance minister of India in April, 2005, in Jeddah.
Chidambaram addressed the gathering of selected businessmen of Jeddah and invited them to invest in India as due to economic reforms undertaken by the United Progressive Alliance government, India has emerged an attractive investment destination.