During the Saudi investors meeting their Indian counterparts:
$ 32 billion, the volume of trade exchange between Saudi Arabia and India
An Indian delegation is looking for opportunities to market promising technology in the Kingdom
Badr bin Mohammed Al Abdul Karim, a member of the Eastern Chamber of Commerce, called for more economic cooperation between local Saudi investors and their counterparts in the Republic of India, especially in the fields of energy and information technology, especially in the eastern region, which is the capital of industry in the Gulf region.
This came during a meeting held yesterday with a delegation of visiting Indian businessmen who met with a number of Saudi businessmen who are based in the eastern region of their business, and Abdul Karim pointed to the depth of economic and political relations between the two countries, reflected in high-level visits between officials of the two countries, in In recent months, Indian Prime Minister Narendra Modi made a keynote speech at the Third Future Investment Initiative Forum, the culmination of his historic visit to the Kingdom a few years ago, and further support for the historic visit. In February this year, His Royal Highness Prince Mohammed bin Salman bin Abdul Aziz (Crown Prince, Deputy Prime Minister and Minister of Defense) visited India, where at least five bilateral agreements and several memorandums of understanding were paved the way for trade opportunities. And tremendous mutual investment in both countries,
Al Abdulkarim said Indian investments in the Kingdom have also increased dramatically recently, backed by a package of incentives generated by Saudi Vision 2030, which focused on diversifying the Saudi economy away from oil and offering an attractive package of incentives to foreign investors. He pointed out that Indian investments in the Kingdom are concentrated mainly in the fields of energy, information technology, and manufacturing industries.
Al-Abdulkarim invited members of the Indian delegation to consider establishing manufacturing platforms in the eastern region of the Kingdom. There are many world-class oil and gas-related industries and petrochemical plants established in Jubail Industrial City and there is also a huge mining city in Ras Al-Khair developed in the Eastern Province. The square known as King Salman Energy City aims to strengthen the Kingdom's status as a global energy hub.
For his part, Deputy Ambassador to the Indian Embassy, Dr. Pradeep Singh Rajpohat, who accompanied the delegation, which included 15 members headed by Mr. Khalid Khan, Regional President of the Federation of Indian export bodies. The Kingdom meets about 18 percent of India's crude oil needs, and the Saudi market has more than 2.6 million Indians living and working in the Kingdom.
For his part, Mr. Khalid Khan said that India is one of the fastest-growing economies in the world and offers very attractive incentives to foreign investors and that it has developed a world-class technology and a skilled workforce is an advantage for foreign companies to start cooperation.
It is noteworthy that the Indian delegation had met with the Chairman of the Asharqia Chamber of Commerce Abdul Hakim bin Hamad Al-Ammar Al-Khalidi in the presence of the Vice-Chairman of the Chamber Bader bin Sulaiman Al-Rizayza, members of the Board Badr Al-Abdulkarim and Najib Seihati and Secretary-General Abdulrahman Al-Wabel.
