India is seeking Saudi investment in its small business sector, according to the country's newly appointed consul general.

B.S. Mubarak, who arrived in the country a month ago, said that India has 48.8 million small and medium enterprises, which could be of interest to Saudi businesspeople.

Mubarak was speaking on Saturday at a welcoming reception organized by Saudi businessmen. Attendees included members of the Indian Youth Welfare Association (IYWA).

Mubarak said India has one of the world's most liberal and transparent policies on foreign direct investment, and that the consulate would assist those who wanted to place their money in the country.

He said he would soon provide local businesspeople with a detailed presentation on the opportunities available in India over the next few decades. He thanked the local expatriate community for improving trade and cultural ties between the two countries through informal meetings and festivals.

Khalid A. Al-Fouzan, chairman of Al-Fouzan Building Materials Company, said: “India is not only the land of temples and elephants but of opportunities for business and investments.

Saudi Arabia has always had good trade relations with India. The two countries are partners in technology, science, education and business and our relationship has been harmonious.”

Emad A. Al-Muhaidib, vice-chairman of Al-Muhaidib Group, said India has supported Saudi Arabia's development in education, information technology, construction, banking and other sectors.

Hussam Al-Kahtani, chairman of Al-Kahtani Group of Companies, said

Saudi Arabia and India need investment for their development. He said there has been growing trade between the two countries since India's liberalization policy in 1991, with further momentum created by King Abdullah's visit in 2006.

Mir Gazanfar Ali Zaki, executive secretary of the Saudi Indian Business Network (SIBN) and general secretary of the IYWA, said Indo-Saudi economic relations have grown threefold in the last five years. Saudi Arabia is the fourth-largest trade partner of India.

Other attendees included Faisal bin Hassan Tarad, permanent representative of the Kingdom's delegation to the United Nations in Geneva; Hamad M. Al-Dhewalia, chief executive officer of King Abdullah Medical Complex in Jeddah; Mohd. Raghib Qureshi, Indian head of chancery and consul for education; S.R.H. Fahmi, Indian consul (commercial); L. Ramnarayan Iyer, chief patron; Hassan Bayazeed Ather, vice-patron; Zubair Mohammed, vice-president; Muzzammil Husain, chief coordinator; and Syed Baqer Ali, media secretary of the IYWA.