“Many Saudis feel some sort of connection with India and Indians and there is a need to convert this connection into fruitful business relationship,” Ghazi Faisal Binzagr said Sunday.
Addressing the annual meeting of the Saudi-Indian Business Network (SIBN), Binzagr said: “We need to work on three areas to develop mutually beneficial business relations. They are — interaction between business families of both the countries, developing personal relations, and thirdly, developing a pool of young entrepreneurs.”
He added: "Business families, in both countries, are flourishing independent of government involvement so we should try to enhance interaction between these business families."
In Saudi Arabia, he said businessmen prefer a one-on-one with their partner and develop a personal equation. “And we also need to find a way where a Saudi and Indian salesmen work together to promote business. And if these three issues are addressed, I see great potential for growth,” Binzagr said.
Madani A. Alaki former Cabinet member and director of Al-Shuqaiq Power and Water, too expressed similar sentiments.
He said India, which has a highly technical manpower, can benefit from the Kingdom’s soaring demand for power and water.
Leading businessman Adil Bushnaq shared his successful experiences of investment in India in water desalination plants and other water-related projects.
Indian Consul General Faiz Ahmad Kidwai called on the newly appointed SIBN executive committee to promote business. He said that despite lots of goodwill for India and Indians, India’s share in the Saudi market is far below its potential.
He voiced his disappointment at the absence of the Indian corporate sector in the development of Saudi economic activity and emphasized the need to encourage business activity between the two countries.
He invited Saudi businessmen to invest in India and take advantage of business and technological growth in that country.
Shakeel Ahmad, consul (commercial & culture) spoke on business and investment facilities and services being offered by the Indian mission to promote bilateral business and investment.
Ishtiaq Ali, partner of Classis Law Firm, Mumbai, attributed the growth of India’s GDP to the opening up of the Indian economy in 1991.
He identified infrastructure, power, telecom etc. as areas of investments.
He also said that India provides an ideal investment climate with simple and transparent rules.
Indian businessman Siraj Qureshi shared his experiences of doing business in Saudi Arabia for the last 30 years and called on Indian businessmen to invest in Saudi Arabia.
Outgoing SIBN Vice President Hasan Ghias gave an account of activities performed by SIBN since its inception in 2005.
A new executive committee will be headed by Binzagr. Others are Asar Khan (vice president), Mohammad Sayeeduddin (general secretary) and Rehan Khan (treasurer).
Asrar Khan proposed a vote of thanks.
The SIBN is a forum of Indian and Saudi businessmen, entrepreneurs and senior executives that works under the aegis of Indian consulate.
