RIYADH, 30 January 2007 — Pointing out that Saudis’ awareness of India’s potential was superficial, Hussein Al-Athel, secretary general of the Riyadh Chamber of Commerce and Industry (RCCI), stressed the need for more roadshows and seminars in the interest of expanding the two countries’ bilateral trade which stood at $3.44 billion in 2005.
Al-Athel was speaking on the occasion of “India Week” organized by the Indian Embassy to commemorate the first anniversary of the visit to India by Custodian of the Two Holy Mosques King Abdullah. Rajiv Shahare, deputy chief of Mission at the Indian Embassy, was in charge of the program. Al-Athel said Saudis in general were aware of India’s strength in the IT and education sectors. However, they do not have a full understanding of its huge potential which can only be realized by holding trade shows and seminars on a regular basis. He offered RCCI’s full cooperation in creating greater awareness.
Indian Ambassador M.O.H. Farook said King Abdullah’s visit to New Delhi last year was a landmark event which not only gave a boost to bilateral relations but also laid the groundwork for future bilateral cooperation in general and economic and commercial ties in particular. He said India’s IT sector had played a major role in driving the country’s economy and that this was evident from the presence of the ICT delegation that accompanied Minister of Commerce and Industry Dr. Hashim Yamani, co-chairman of the Indo-Saudi Joint Commission. The Saudi delegates held talks with Indian IT companies on identifying the scope of cooperation between the two countries.
Ambassador Farook said that as a result of various initiatives, India’s exports to the Kingdom had registered an increase of 28.17 percent, while its imports went up by over 25 percent. “You would agree with me that there is a vast potential to tap new areas of cooperation for our mutual benefit. To achieve this, the members of both business communities have to play a major role. I would like to invite Saudi businessmen to explore the possibilities of setting up joint venture projects, especially in the infrastructure sector in India. The Indian Embassy would be happy to provide any assistance in this regard.”