RIYADH, 23 December 2002 — A high-profile delegation of Indian corporate leaders representing the Confederation of Indian Industry (CII) will arrive here today on a week-long visit at the invitation of the Council of Saudi Chambers of Commerce and Industry (CSCCI).
CII, which boasts a membership of 4,800 Indian companies, is a non-government industry-managed organization. It is the second time a CII team is visiting the Kingdom.
It includes representatives of several top companies such as Hindustan Dorr-Oliver, Tata International, ICICI Bank, Tata Steel, Wipro Infotech, Simon India Ltd, Kirloskar Oil Engines, Tata Consultancy Services and Larsen & Toubro, Sanjay Rana, head of the chancery here, said yesterday. Rana said that another delegation of Indian electrical and electronics manufacturers will also visit the Kingdom on Jan. 17.
He said the CII mission will stay in Riyadh for three days beginning today, in Dammam for two days on Dec. 25 and 26 and in Jeddah for three days from Dec. 27. The delegates will hold wide-ranging talks with officials of the chambers of commerce in Jeddah, Dammam and Riyadh besides meeting with a large number of Saudi industrialists and businessmen.
Rana, who also heads the commercial section of the Indian Embassy, said that “the delegation’s visit will strengthen economic cooperation between the two countries at the industry level. It will promote joint investments, joint ventures, technology transfers and marketing tie-ups besides establishing long-term partnerships with the Saudi industry.”
He said that Riyadh and New Delhi have forged very close relations on the commercial front.
The Kingdom ranks as the 14th largest market for India and source of 7.2 percent of India’s total imports, whereas India is the fifth largest market for the Kingdom.
Saudi Arabia has also emerged as the largest supplier of crude oil to India. Public sector oil firms in India have long-term contracts with Saudi Aramco to purchase 7.5 million tons of crude per annum, representing 16 percent of India’s total annual crude imports.
In addition, certain Indian private companies also have term contracts with Saudi Aramco, whose cumulative purchases amount to 6.5 million metric tons of crude per year, said a new booklet entitled ‘Doing Business with Saudi Arabia released by the Indian Embassy here.
The 104-page new booklet, which provides guidelines for investors and businessmen, said that bilateral commercial relations will get a major boost when an investment protection agreement is signed by the two countries in the near future.
It said that Indian pharmaceutical companies are also trying to enter the Saudi market.
