NEW DELHI, 17 January 2007 — Saudi-Indian relations marked an “unprecedented” increase, with bilateral trade reaching around $10 billion at present from $7 billion in 2005, Saudi Ambassador Saleh M. Al-Ghamdi briefed the media yesterday just prior to the arrival of Minister of Petroleum & Mineral Resources Ali Al-Naimi and Commerce & Industry Minister Hashim Yamani.
He credited this development to “wise and inspiring leadership” on both sides, an increase in diplomatic visits, the ease in visa restrictions and agreements agreed to during the visit of Custodian of the Two Holy Mosques King Abdullah to India.
Al-Ghamdi said there is a parallel increase of Saudi investment in India and vice-versa.
The 100-member delegation, led by Yamani includes around 70 businessmen, Al-Ghamdi said. Over the past four years, four business delegations have visited India but this is the largest, he added.
“We want this momentum to continue,” Al-Ghamdi said.
Expressing confidence in the prospects of further strengthening Saudi-Indian ties, he spoke of cooperation outside the business sphere. This is marked by the coming academic year’s bringing about 500 Saudi students to India for higher education in such fields as information technology, medicine, engineering and others.
Yamani is to attend the seventh Saudi-India Joint Commission, co-chaired by Indian Finance Minister P. Chidambaram, while Naimi is participating in the Petrotech-2007 conference. Petrotech-2007 — organized by Petrotechs Society, an autonomous non-profit body, in association with the state-owned ONGC (Oil and Natural Gas Corp.) and the Ministry of Petroleum and Natural Gas — has attracted more than 4,000 delegates.
Minister of External Affairs Pranab Mukherjee, opening Petrotech-2007 yesterday, said “a most welcome feature of Petrotech this year is the group of 11 distinguished petroleum ministers from countries representing OPEC (Organization of Petroleum Exporting Countries) and other producers as well as consumers.”
In his speech, Petroleum Minister Murli Deora highlighted India’s multi-pronged strategy.
“The distinctive features of the strategy include faster exploration of domestic sedimentary basins to enhance indigenous production of fuel from the existing producing fields, acquisitions abroad to supplement domestic production and development as well as commercialization of alternative fuels,” he said.