BOMBAY, 17 October 2003 — A high-level Saudi business delegation has urged Indian entrepreneurs to look at the Kingdom as a preferred trade and investment destination.
The 21-member delegation is presently on a visit to the country’s financial capital at the invitation of the Confederation of Indian Industry (CII).
Inviting Indian industry to seriously look at Saudi Arabia as a preferred destination for business, delegation leader Abdul Rahman A. Al-Jeraisy said the Kingdom offered enormous business opportunities because of the massive development activity being undertaken.
Al-Jeraisy is the chairman of the Council of Saudi Chambers of Commerce and Industry and head of the Al Jeraisy Group that exports computer products to several countries, including India.
Saudi Arabia is in the process of strengthening its industrial base particularly in the non-oil sector, said Al-Jeraisy.
Electricity generation capacity is being enhanced and about $100 billion is being spent on various projects. Facilities for providing potable water are being created with huge investments.
“These developments provide enormous opportunities for business in Saudi Arabia,” Al-Jeraisy said.
With the Kingdom having taken steps to initiate privatization, investment law has been liberalized.
Said Al-Jeraisy: “Saudi Arabia is now open for foreign investments and in certain areas 100 percent foreign ownership is being allowed.
“What Saudi Arabia needs is technology and expertise more than money. India with its experience of industrialization is very well placed to share it with Saudi Arabia.”
He noted that the capabilities of Indian industry were well recognized in Saudi Arabia.
“Saudi Arabia needs equipment, services, technology and, most important, experience, which Indian industry can offer,” he said.
Bilateral trade between India and Saudi Arabia is worth around $5 billion at present.
The Saudi business delegation will conclude its six-day visit today after interacting with their counterparts in Hyderabad.
Drawing attention to the excellent business environment in India, chairman of CII Gulf Council and Resident Director of Tata Services Ltd. M.A. Pathan urged the Saudi delegation to study possible cooperation and investment opportunities here.
Besides Indian industry’s competence in technology, manufacturing, engineering and specialized services, Pathan suggested that hydrocarbon could be another important area for cooperation.
For the first time, state-owned energy majors have been approved to participate in the bid for gas exploration blocks in Saudi Arabia.
