RIYADH: The Indian Business Forum (IBF), an apex nonprofit organization of Indian businessmen, is continuing to work toward strengthening Indo-Saudi commercial ties.
The IBF is, in fact, “working as an interface between the business gentries of India and Saudi Arabia,” said Rajeev Shahare, deputy chief of Indian mission, here.
Shahare is also the IBF’s ex-officio chairman. The forum supports Indian business interests and promotes trade and investment relations between the two countries. The IBF, he said, had assumed its role “to represent and express the views of the Indian community on matters of commercial interests.”
The forum, which also acts as a nonofficial consultative and coordinating body between Saudi and Indian businessmen, functions in close collaboration with the Indian Embassy. The IBF has geared itself to cater to the needs of the huge Indian business diaspora and has launched a few initiatives recently, said Shahare.
One of them is the IBF’s plan to work closely with the Saudi Arabian General Investment Authority (SAGIA), said the diplomat.
Owais Ahmad, IBF president, said that the forum, launched in Riyadh in November 2007 and later in Dammam, provides a strong platform for Indian businesspersons, companies operating in Saudi Arabia and Saudi companies doing business with India. “The IBF is facilitating them to share economic and commercial information and benefit from each others’ experience,” said Ahmad.
“The IBF is also working to generate awareness about local business laws, assist all interested and potential investors, and explore business opportunities for Saudi and Indian investors in both countries,” he added.
Major IBF’s objectives, he said, include the promotion of Saudi-Indian commercial interests and interaction with apex business organizations in India such as the Federation of the Indian Chamber of Commerce and Industry, the Confederation of Indian Industry, the Export Promotion Council etc. He said that Indian investment in Saudi Arabia exceeded $1.09 billion in about 184 projects.
