NEW DELHI, 22 November 2005 — Setting the stage for economic agreements during Custodian of the Two Holy Mosques King Abdullah’s coming visit to India, the first India-Saudi Arabia Joint Business Council meeting was held here yesterday. The meeting is expected to act as a “catalyst” in furthering economic ties between the two countries.
During the meeting, Saudi Ambassador to India Saleh M. Al-Ghamdi said: “We are planning to sign a few agreements during the visit of King Abdullah that will facilitate flow of greater private sector investment. We do not want only Indian investment in Saudi Arabia but also want to ensure a reverse flow of investment. More importantly, we want Saudi investment in India to multiply in all sectors, whether industry, mining or energy.” An official spokesman pointed out, “Up to April this year, 42 investment projects from India with an investment of $411 million had been licensed.
In addition, there are 40 non-industrial projects with an investment of $56.2 million taking Indian investments in the Kingdom to $467.2 million.”
During the next five to 10 years, in sectors including infrastructure, petrochemicals, power generation, water desalinations, tourism and information technology, the Kingdom expects investment to exceed $624 billion, the spokesman said.
Though Indo-Saudi business ties have shown a notable increase, businessmen from both countries are interested in further expansion. They are hopeful and optimistic about the result of the Saudi king’s visit.