DAMMAM, 5 September 2007 — More than 190 Indian companies got licenses from the Saudi Arabian Investment Authority over the past two years to set up either fully-owned or joint venture projects with Saudis.

These companies are capable of pumping more than SR4 billion to the Saudi economy, Adnan Al-Naeem, deputy secretary general of the Eastern Province Chamber of Commerce and Industry (EPCCI) told Arab News following a meeting with an Indian business delegation on Monday at the EPCCI headquarters in Dammam.

Al-Naeem said “the volume of trade between the Kingdom and India rose 28 percent to cross the SR13 billion mark in 2006.

The Saudi imports from the Indian side were valued at SR6.8 billion in 2006 while the Saudi exports excluding petroleum products accounted for SR 2.6 billion in the same period.”

He said India was one of the leading investors in the Kingdom. Saudi investment in India, however, is estimated at more than SR858 million in 55 joint venture companies. They covered such areas as chemicals, computer software, cement, metals and some other industrial products.

During the meeting the visiting in which the Indian businessmen explored investment opportunities in the region, they expressed their desire to establish joint ventures in the plastic and derivatives industries.

G.M. Gandhi, who headed the plastic industrialists in the delegation said “there is a brilliant future for the joint ventures in the plastic sector in the Kingdom because of the easy accessibility to cheap raw material from the Saudi Arabian Basic Industries Corporation and other companies combined with Saudi Arabia’s position as the largest market for plastic products in the region. These are the factors for success of the expected partnership in the industry.”

Gandhi added that India had over 60 years of expertise in the plastic industry and reinforced by the entry of modern production technology, putting India among the leading countries in the world. He also pointed out that the Indian plastic products have been used in the manufacture of cars and furniture.