Oil rich Saudi Arabia has welcomed Indian companies with skills and talent to take part in the kingdom’s development projects.
“Investment opportunities in the Kingdom of Saudi Arabia (KSA) up to 2020 are valued at US$625 billion and we welcome Indian companies with skills and talent to take part in our development projects”, said Tewfik Al-Rabiah, Saudi minister for commerce and industry, on Wednesday.
He said the volume of bilateral trade between Saudi Arabia and India has multiplied five times since 2000 and there are more than 230 Indian companies in KSA with investment over $1 billion and more than 50 companies from KSA are present in India investing approximately $229 million.
Delivering a keynote address at a business meeting with the Confederation of Indian Industry (CII), the minister added that the KSA is the largest producer of petrochemicals in the Arab world and the number one destination for FDI in the GCC and West Asian countries.
He mentioned that the total FDI in KSA in 2011 was $38.2 billion which amounts to 39 per cent of the total FDI in the Arab world. The meeting was also addressed by Abdullah Al Mobti, chairman, Council of Saudi Chambers.
VK Mathur, senior member of CII and chairman, Inapex Limited, said KSA is India’s fourth largest trade partner, third most important source of imports and the top supplier of crude oil to India.
India’s infrastructure mission envisages rapid upgrade of facilities entailing an expenditure of $1 trillion till 2017 and with common synergies, there is great potential for the businesses of the two countries to embark on a new level of cooperation and economic partnership.
He said that India-KSA bilateral trade was just $3.4 billion in 2005-06, and it now stands at more than $21 billion. (mtq)
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