The event, according to Owais Ahmed, IBF
president, will be organized in collaboration with the local chamber of
commerce and industry and Saudi Arabian General Investment Authority (SAGIA).
"The proposed mega Indo-Saudi Business Meet will be
an ideal occasion for common mutual interaction and networking, which will go a
long way in promoting business ties between Riyadh and New Delhi," said
Ahmed, while congratulating Saudis and his compatriots on the occasion of
India's Republic Day. The joint business meet is proposed to take place toward
the end of March.
The event has been planned on a grand scale in which
businessmen from India and Indian institutions such as the Federation of Indian
Chambers of Commerce and Industry (FICCI) will be invited, he said. The IBF, he added, is preparing a list
of Saudi institutions, officials and businessmen, who will be invited for
interaction with their Indian counterparts. This is in addition to a directory
project launched by the IBF recently.
Ahmed said a directory of Indian businessmen and
companies, the first of its kind in Saudi Arabia, would be published next
month. A format will be circulated among IBF members and businessmen to send
their companies' profiles for inclusion in the proposed directory. He, however,
also appealed to the Indian businessmen through Arab News to send the profiles
of their companies (Half A4 page only) to one of the following emails: HYPERLINK
"mailto:[email protected]" [email protected] or HYPERLINK "mailto:[email protected]"
[email protected] or HYPERLINK
"mailto:[email protected]" [email protected] .
Referring to the Republic Day celebrations, Ahmed said
India's ties with the Arab world, especially with Saudi Arabia, have been
progressively growing. India and Saudi Arabia are witnessing a rapid
modernization of their societies and economies. "The India of today is
vastly different from what we were at the time of our independence," said
IBF chief. "We have a huge stake in each other's success (Saudi Arabia and
India), and in that context, ours is a relationship that is of strategic
importance," he added.
Indeed, the official visit of Custodian of the Two Holy
Mosques King Abdullah to India in 2006, gave a new impetus to the Indo-Saudi
relationship. The momentum generated by extensive bilateral interactions after
King Abdullah's visit culminated in the historic visit of Prime Minister
Manmohan Singh to Saudi Arabia early last year. Both leaders signed the "Riyadh
Declaration" during Singh's visit to Riyadh, which heralded a "new
era of strategic partnership" between the two countries in security,
defense, and political and economic areas.
This high level visits boosted Indo-Saudi trade relations
also and as a result, there is a quantum jump in trade between the two
countries, with India ranking as the 4th largest trading partner for Saudi
Arabia. Also, the Indo-Saudi business outlook is very promising. To further
foster and expand the business relationship of India and Saudi Arabia, the IBF
was launched in 2007 with its chapter in Dammam.
Since then, IBF has been expanding. It has emerged as an
organization of Indian business leaders working to strengthen bilateral
business relations through trade and investment by promoting a broader
understanding among Indian and Saudi companies, as well as facilitating
information on specific business opportunities. The IBF works as a non-profit
organization and functions in close collaboration with the Indian Embassy in Riyadh,
said Ahmed.
Referring to the objectives of the IBF, he said the main
aim was to bring together under one roof the Indian business gentry, Indian
companies in Saudi Arabia and Saudi companies doing business in India. In doing
so, the forum's basic objective remains promoting India's economic and
commercial activities in Saudi Arabia and to work toward increasing trade and
commercial linkages between the two countries, he explained.
Last year, the IBF held several events including power
point presentations by members on selected topics, periodical seminars and
workshops, lectures by guest speakers from SAGIA and liaison with the chamber
of commerce. The IBF has also widened the ambit of its objectives, which
include creating an awareness of local business laws for the benefit of the
Indian business community, and for the benefit of potential investors into
Saudi Arabia.
