DAMMAM: A multisector catalog exhibition organized by the Indian Embassy at the Asharqia Chamber on Wednesday brought together Saudi and Indian business executives. The exhibition showcased catalogs, CDs and other product literature from Indian companies engaged in various businesses such as food and agriculture, automobiles and spare parts, electronic and engineering goods, chemicals, home appliances, pharmaceutical industry, textiles and garments, turnkey projects and construction industry.
Asharqia Chamber Secretary-General Adnan A. Al-Nueim, who opened the exhibition along with India’s Deputy Chief of Mission Rajeev Shahare, said: “Such shows have contributed immensely toward a significant rise in trade exchanges between the two countries. Indian businessmen nowadays increasingly visit the Kingdom and a number of such exhibitions have been organized in different Saudi cities. These pro-trade activities have paid rich dividends and as a result the two-way average annual trade volume between India and Saudi Arabia has reached over SR58.5 billion. Kingdom’s yearly imports from India accounted for over SR8.5 billion while Saudi exports to India were valued at nearly SR50 billion.”
Al-Nueim said Indian companies are taking advantage of investment opportunities here.
“More than 200 Indian firms are now active in the Saudi market with a combined investment exceeding SR4 billion. Saudi Arabia also has good investments in India. Currently there are around 50 Saudi-Indian joint ventures with a total investment of around SR858 million.”
Shahare said the catalog exhibition, called India Catex 2009, was aimed at gaining market exposure for Indian products and services.
“The idea is to help Indian businessmen identify potential customers and trading partners. The show allows Indian firms to exhibit their products and services without ever leaving their offices by displaying their product literature to hundreds of interested business prospects,” he said. He said India and Saudi Arabia have a long tradition and history of trade links.
“India is the fifth largest trading partner for Saudi Arabia while the Kingdom is the 12 largest market in the world for Indian exports and is a destination for more than 2.28 percent of India’s global exports. India views Saudi Arabia as a prime country for attracting investments into India,” he said. “In this regard, a $750 million Indo-Saudi Investment Fund is being set up by the Saudi Public Investment Fund in collaboration with India’s Infrastructure Development Fund Company,” Shahare added. The India Business Forum, which groups prominent Indian businessmen and executives in the Eastern Province, took an active part in the promotion and organization of the catalog show.
“The idea is to facilitate business between our two countries. Saudi Arabia has huge potential in infrastructural projects and same is the case with India. Those of us who are based here in Saudi Arabia are in a better position to understand this market,” said A. Jagannathan, the forum’s general secretary. “Through this forum our services are available to both Saudi and Indian businesses who are interested in promoting trade exchanges and clinching business deals.”
Among the early visitors at the exhibition was Said A. Al-Moallem, general manager of the Dammam-based International Electrical Products Co.
“We are very familiar with India and its culture. All this is due to the presence of a large number of Indian expatriates in our country. It is because of them that India has huge advantage over China in this market. Plus, there is the advantage of language. Most Indians speak English unlike the Chinese and, therefore, Indians are in a better position to market their goods, services and products,” he said, adding: “I never miss any opportunity to attend such catalog shows; they invariably lead to new deals and ideas.”
