Al-Wabel urged the Indian business community to take full advantage of the huge investment opportunities that currently exist in Saudi Arabia. “Make the most of our favorable investment climate,” he told the visiting delegates.
According to Al-Wabel, more than 200 Indian companies are currently active in the Saudi market. “Their total investment exceeds SR4 billion,” he said.
Saudi businessmen urged their Indian counterparts to consider the possibility of implementing joint projects with a view to transferring technology. It was pointed out that more than 50 Saudi companies or joint ventures are operational in India with a total investment of SR858 million.
K.K.M. Kutty of the Confederation of Indian Industry (CII) led the Indian delegation. He acknowledged the growing trade relations between India and Saudi Arabia.
“However, there is still an enormous potential to take this business further,” he said.
Ashok Warrier, first secretary (commercial and education) at the Indian Embassy in Riyadh, described the delegation’s visit to Saudi Arabia as a big success. “They met a number of Saudis and had fruitful discussions,” he said. “This is yet another testimony of the growing relationship between our two countries.”
