Saudi trade delegation heads for India
A 33-member Saudi trade delegation will leave for India on Monday to take part in the Saudi-Indo Joint Business Council meeting to be held in New Delhi from Tuesday.
“It’s an important delegation since the decision makers of 30 Saudi companies will be in the Saudi team,” Saudi-Indian Business Council President Abdulrahman Al-Rabeeah said on Sunday.
The delegates are renowned businessmen in the fields of economy, trade, industry and engineering, he added.
The Saudi Council of Chambers of Commerce and Industry, the umbrella organization for Saudi businessmen from all parts of the Kingdom, is sponsoring the visit.
Al-Rabeeah said the team, while exploring new investment opportunities in India, would also try to identify new areas of cooperation between the two countries.
India is Saudi Arabia’s fifth largest trade partner and its trade investment in the Kingdom is estimated at $2 billion.
The bilateral trade volume, which is in favor of the Kingdom, reached $21 billion in 2010. India has been consuming 20 percent of its oil requirements from the Kingdom for the past 15 years.
The value of Indian exports to Saudi Arabia has reached $4 billion.
The joint business council meeting will take place on Tuesday between the SCCCI and FCCI officials in the Indian capital.
The Saudi delegates are set to meet Indian businessmen from the Confederation of Indian Industries on Wednesday and would later hold talks with Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Saudi Ambassador in New Delhi Faisal H. Trad will also host a dinner reception to the visiting delegation.