Keen on expanding and diversifying bilateral trade with the Kingdom, the Indian Embassy in association with the Riyadh Chamber of Commerce and Industry (RCCI) yesterday organized INDIA CATEX, a multi-product catalogue exhibition.
The exhibition showcased a large number of Indian product catalogues and CDs from various sectors of the industry and trade.
Hamid Ali Rao, the Indian ambassador to Saudi Arabia and Saad Al-Sahli, the secretary general of the RCCI jointly inaugurated the daylong exhibition.
Similar exhibitions were organized in cities across the Kingdom as well to further boost economic and commercial links between the two countries.
Aimed at promoting bilateral trade, the catalogue exhibition mainly focused on agriculture and food products, automotive, construction, cosmetics, electronics and electrical products, engineering goods, handicrafts and gift items, IT and telecom, leather goods, medical and pharmaceutical products, textile, and garments.
Saudi Arabia is the fourth largest trading partner for India. The value of the two-way trade between the two countries in 2011-12 exceeded $ 36 billion. Saudi Arabia is the 14th largest market in the world for Indian exports and is a destination for more than 1.86 percent of India’s global exports. On the other hand, Saudi Arabia is the source of 6.35 percent of India’s global imports, according to figures provided by the Indian Embassy.
For Saudi Arabia, India is the fifth largest market for its exports, accounting for 7.55 percent of its global exports. In terms of imports from Saudi Arabia, India ranks ninth and is a source of around 3.27 percent of Saudi Arabia’s total imports, according to Saudi Arabian Monetary Agency’s (SAMA) annual report for the year 2011.
Bilateral investment between the two countries is growing steadily. Since mid-2000, a number of Indian firms have taken advantage of the new Saudi laws and established joint venture projects or wholly owned subsidiaries in the Kingdom.
According to the Saudi Arabian General Investment Authority (SAGIA), as of January 2006 to December 2010 it has issued 426 licenses to Indian companies for joint ventures with 100 percent owned entities, which are expected to bring total investment of $ 1624.60 million in Saudi Arabia (as per latest figures available).
These licenses are for projects in diverse sectors such as management and consultancy services, construction projects, telecommunications, information technology and pharmaceuticals.
Last year the Indian automobile giant Tata signed a letter of intent to establish a factory in Saudi Arabia to produce 50,000 Land Rovers a year by 2017. The initial investment is estimated to stand at $1.2 billion.
Embassy, RCCI open exhibit for Indian products
