RIYADH, 21 November 2007 — A group of 40 Indian industry managers, currently visiting Saudi Arabia with the support of the Indo-Arab Chamber of Commerce & Industry (IACCI), has signed multimillion-riyal trade, technology and investment deals, said Sushil Jiwarajka, IACCI chief, in a business conference on Monday night. The occasion also saw the launching of India Business Forum (IBF), an organization set up by the local Indian business leaders under the umbrella of the Indian embassy.
Addressing businessmen at the Riyadh Palace Hotel here, Indian Ambassador MOH Farook, who formally launched the IBF, said the forum will go a long way in promoting business opportunities for Indian businessmen. “IBF aims to become the premier forum in Saudi Arabia that is India-focused,” said Rajeev Shahare, deputy chief of Indian mission. IBF, a community-led initiative, has been conceived with the primary purpose of exploring exciting business and investment opportunities for investors, he said.
The IBF, with its Riyadh and Dammam chapters, will support such business initiatives. An ad hoc executive of the forum, consisting of eight members each from Riyadh and Dammam, has already been constituted. This ad hoc panel will work out the mechanics of the forum and eventually decide the composition of IBF, its functions, its budgetary requirements and membership.
Jiwarajka said IACCI seeks to interact with Saudi companies, identify new opportunities and find out innovative technologies. “The Saudi-Indo bilateral trade exceeded $15 billion in 2006,” said the IACCI chief, adding that the Indian business community is further keen to identify the key opportunities to enhance business ties with the Saudis.
The IACCI, he said, has emphasized the need to promote Indian companies as brands to propel bilateral trade. The 40-odd delegation has left for Jeddah yesterday. There are seven representatives from construction companies, four from IT sector, two from banking & finance, three from pharmaceutical and two from metal sector besides one each from agriculture, solar energy and education sectors.
A memorandum of understanding was also signed by IACCI and Asharqia Chamber to promote trade and investment between Riyadh and New Delhi.
Established in 1980, IACCI has a mandate to provide a dynamic link for the promotion of commercial relations between India and Saudi Arabia on the one hand and between India and the Arab world on the other.
