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Indian Investments In Saudi Arabia Welcomed
- By Bobby Castro
- Published 12/23/2011
- Destinations
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Bobby Castro
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Indian Investments In Saudi Arabia Welcomed
The Indian Consul General to Saudi Arabia, Faiz Ahmed Kidwai said that there is great potential for Indian companies to invest in the Saudi Arabian economy. He noted that there is great interest among Saudis for Indian products and investment options located in the Indian Subcontinent.
The observations were noted during the reception party feted by the Saudi Indian Business Network, where a number of Indian and Saudi Arabian merchants, entrepreneurs and business people attended in Jeddah. This was one of the stops the Chamber of Indian Industries, a thirteen-member business delegation from India who visited the kingdom recently. The consul further welcomed other business organizations such as the ASSOCHAM and FICCI to send their own delegations to the country.
The CII delegation comprised of representatives of companies in different industrial sectors, such as manufacturing, raw materials, polymer products, IT solutions, business consultancy, management, construction, infrastructure design, agriculture and agricultural implements, banking and financial companies among others. The co-chairman of the delegation, KKM Kutty is also the CEO and Managing Director of the South West Group of Companies.
During the gathering, the CII delivered a presentation on the Indian economy and the investment options available throughout the many industrial and commercial sectors of the country. The SIBN was projected to stand as the interface between India and Saudi Arabian business and also become a catalyst to increase bilateral trade investments and business cooperation between the countries.
The trade between the two countries has had a long and rich history, with many accounts dating back to the third millennium BC as to the trade relations between India and Saudi Arabia. By 1000 AD, the trade partnership between southern India and Arabia had become expansive and became the lifeblood of Arabian economy. Arabs were able to monopolize the spice trade between India and Europe until the time Europe established empires through imperial domination.
Despite the long history, there have also been periods of tension between the two countries mainly due to the close relationship between Saudi Arabia and Pakistan. This though has smoothened out in the near past, with Saudi Arabia supporting the grant of observer status to India in the Organization of Islamic Cooperation. Many other business agreements have been signed, foremost among them is the Delhi Declaration where a strategic energy partnership was created to create reliability, stability and increase of crude oil supplies to India through long term contracts. The business future is secure between these two countries.
The observations were noted during the reception party feted by the Saudi Indian Business Network, where a number of Indian and Saudi Arabian merchants, entrepreneurs and business people attended in Jeddah. This was one of the stops the Chamber of Indian Industries, a thirteen-member business delegation from India who visited the kingdom recently. The consul further welcomed other business organizations such as the ASSOCHAM and FICCI to send their own delegations to the country.
The CII delegation comprised of representatives of companies in different industrial sectors, such as manufacturing, raw materials, polymer products, IT solutions, business consultancy, management, construction, infrastructure design, agriculture and agricultural implements, banking and financial companies among others. The co-chairman of the delegation, KKM Kutty is also the CEO and Managing Director of the South West Group of Companies.
During the gathering, the CII delivered a presentation on the Indian economy and the investment options available throughout the many industrial and commercial sectors of the country. The SIBN was projected to stand as the interface between India and Saudi Arabian business and also become a catalyst to increase bilateral trade investments and business cooperation between the countries.
The trade between the two countries has had a long and rich history, with many accounts dating back to the third millennium BC as to the trade relations between India and Saudi Arabia. By 1000 AD, the trade partnership between southern India and Arabia had become expansive and became the lifeblood of Arabian economy. Arabs were able to monopolize the spice trade between India and Europe until the time Europe established empires through imperial domination.
Despite the long history, there have also been periods of tension between the two countries mainly due to the close relationship between Saudi Arabia and Pakistan. This though has smoothened out in the near past, with Saudi Arabia supporting the grant of observer status to India in the Organization of Islamic Cooperation. Many other business agreements have been signed, foremost among them is the Delhi Declaration where a strategic energy partnership was created to create reliability, stability and increase of crude oil supplies to India through long term contracts. The business future is secure between these two countries.