JEDDAH, 11 March 2005 — A Saudi-Indian Business Network (SIBN) Jeddah is being launched on Sunday. Adil Faqeeh, incoming mayor of Jeddah, will formally launch the new forum at InterContinental Hotel on Sunday.
The membership of SIBN will be restricted to Saudi businessmen having business interests in India, senior Indian executives working in Saudi companies having trade and commercial interests in India, and chief executive officers of Indian companies operating in the Kingdom, the Consulate General of India said in a press release.
Dissemination of information related to the development of Saudi-India businesses, identification of investment and business opportunities for the business community in the two countries, and potential areas for joint ventures, partnerships and trading, and plan strategies for promoting Indian goods and reputable companies in the Kingdom are among the areas that new forum will cover.
It will also suggest and advise Indian trade promotion bodies, chambers of commerce and industry and other organizations on matters related to the Kingdom’s economy and trade, and provide logistic and advisory support during the visit of business delegations bilaterally.
It will also guide companies in the Kingdom in resolving issues pertaining to non-conformity of products and services from Indian sources. “In general, it will act as a focal point for representing the Indian business and professional interests in the Kingdom and vice-versa,” the consulate said.
The bilateral trade is on the upswing and the volume now exceeds $6.5 billion.
India ranks as the fourth largest market for Saudi exports and the ninth major destination for the Kingdom’s imports.
Since April 2002, Saudi Arabian General Investment Authority has awarded 68 new licenses to Indian companies for establishing joint ventures in the Kingdom in diverse fields such as consultancy services, telecommunications, IT, pharmaceuticals, and construction projects.
These joint ventures are expected to bring in investments of over $360 million to the Kingdom.
There is also tremendous scope in areas such as tourism, tourism-infrastructure, biotechnology and higher education.
Some other pointers to the growing bilateral interests include the hosting of the first India-GCC Industrial Conference in Bombay last year, which has given a new dimension to India-GCC relations.
This was followed by the signing of the India-GCC framework agreement for economic cooperation in August, which has set in motion a dialogue for the establishment of a free trade agreement between India and the GCC.
