Twenty-five Indian engineering firms with capabilities to supply critical machinery and technology products to the power and oil exploration sectors in the Kingdom, will take part in ‘Saudi Energy Show’ to be held at Riyadh International Convention and Exhibition Center from May 26 to 28.

“Cementing the bilateral strategic and economic relations, 25 Indian engineering firms will explore further business possibilities at the forthcoming energy show in Riyadh,” said Surinder Bhagat, spokesman of Indian embassy.

He said the initiative to organize the India pavilion at the energy show is being taken by the Engineering Export Promotion Council (EEPC India) with the support of the Indian government.

The Indian participation in the show is being promoted by the Indian embassy in Riyadh as part of efforts to forge industry-to-industry relationship with the Kingdom.

He maintained that economy forms an intrinsic part of India-Saudi Arabia strategic partnership and promoting economic engagement is the key element of Delhi Declaration of 2006 and Riyadh Declaration of 2010.

He said India-Saudi Arabia bilateral trade exceeded $43 billion during 2013-14 and has already exceeded $43.6 billion during April 2013-February 2014.

“There is increasing trend of upward bilateral investments between the two countries,” he asserted.

However, there remains vast untapped potential to further diversify bilateral trade and commerce, he underlined.

He said the recent visit of Crown Prince Salman, deputy premier and minister of defense, to India in Feb this year has provided a renewed thrust to bilateral relations especially in the economic and trade areas.

Sharing some statistics, he said India’s oil import during 2013-14 was valued at $167 billion making it among the largest oil importing countries of the world and largest volumes of imports being sourced from Saudi Arabia.

India imports around 19 percent of its oil imports from the Kingdom, he said. He said the Indian engineering industry with exports exceeding $62 billion has made a mark world over and is moving fast up the value chain providing critical equipment in various high-tech areas.

The Indian engineering capabilities can cater to the oil exploration sector as well, he said.

Bhagat informed that several companies like Engineers India Ltd. have been active in the Middle East having earned name for themselves.

Likewise, fuel transmission major ‘Gail India’ with its massive network and expansion plans is engaging more with the global partners in terms of technological collaborations, he said.

Furthermore, India is also emerging as a potential refining hub because of lower capital costs

to the extent of  25 to 50 percent in comparison to other Asian countries, he said.

Some companies from the Small and Medium Enterprises (SMEs) sector from Gujarat are also participating in the energy show 2014, he added.