28/09/2016
$ 1.6 billion of Indian investments in the Kingdom
The
head of the Board of Directors of Asharqia Chamber Abdulrahman bin Saleh Attishn stressed that the Kingdom
have become a major investor in the Indian economic sector.
Ataishan
during the opening of the Indian exhibition catalogs morning of Wednesday, September
28, 2016 with the Indian Ambassador to the Kingdom Ahmed Ejawed at the headquarter
of the Chamber, said that the distinctive partnerships linking the sector
companies in both countries resulted in huge projects, including the implementation of
the Riyadh Metro Project, and participation in the implementation of rail projects
in Mecca and Madina.
In
the show that witnessed the presence of the presense of memebers of adminstration board
Nayef bin Thelab Al Qahtani, Najib bin Abdullah Al Sihati and Secretary General
designate Abdul Rahman Fauzan Al Humain, Ataishan said that many of the
initiatives of the private sector companies in the two countries provided great
services to members of the community in the two countries, noting that the that
the Indian product is of a high reputation for quality and advanced technology,
proved itself in the local market by
companies operating in it.
According
to the General Authority for Investment , there has been to more than 400
Indian companies licensed to set up mutual projects, with investments combined from both sides that
exceed $ 1.6 billion, in various sectors including design, consulting,
management and financial services, real estate development, telecommunications,
information technology, particularly software development and pharmaceuticals.
For
his part, Ejawed said that the exhibition is an
extension of the previous exhibbitions that contained products with a bright prospect in
the Saudi local market, stressing the strength of diplomatic relations, which
reflected positively on the economic exchanges and business partnerships
between the two countries.
According
to the statistics of the Indian government, the Saudi companies have invested
in the Indian market about $ 53 million during the period between 2000 and 2015,
as the statistics recorded a mutual trade between the two countries of $ 39.4
billion during the finincial year 2014 despite recording a decline of 18.96 percent
over the previous year because
of the low oil prices.
The
162 Indian companies participated in the exhibition where they presented a
variety of catalogs among information technology, pharmaceuticals and food
products, automobiles, construction, building materials, chemicals, electronics
and electrical products, engineering goods, fasteners and leather products,
machinery, plant and equipment, metals and filling materials, rubber and
plastic products, textiles and clothes.
