JEDDAH, 14 September 2005 — India’s vast investment potential and taxation policy favoring Saudi and other overseas investors were in focus at a seminar held here on Monday night.
The event, part of the ongoing India festival, was presided over by Indian Consul General Dr. Ausaf Sayeed and organized by Saudi Indian Business Network and Jeddah chapter of the Institute of Chartered Accountants of India. The seminar also focused on investment prospects and taxation guidelines for non-resident Indians (NRIs) and persons of India origin (PIOs).
The seminar was in two parts. The first related to investment opportunities for Saudis and other foreigners, and the other part was devoted to investment and taxation for NRI’s. A.A. Merchant and Nadeem Bhamla gave presentations on the country’s economic status and investment scene for the benefit of Saudi businessmen and fellow expatriates.
In the recent decade, India has emerged as the engine of global growth, Saquib Agboatwala, chapter president of the institute said in his welcome address. “The opening up of the Indian economy has not only allowed it to reap benefits of globalization but it also has helped it contribute to global growth,” he said.
Structural reforms have increased the competitiveness of the Indian industry and this is reflected in the robust merchandise export growth since 2002-03.