India, S.Arabia businesses to enhance and strengthen business cooperation

New Delhi, Feb.24 (ANI): While the political relations between India and Saudi Arabia has been strong and stable, the business community of both countries have failed to capitalize on this strength said Mr Abdul Rahman Al-Rabiah, Chairman of the Saudi India Business Council and the leader of the Saudi Business Delegation to India, at a CII meeting organized today.

The business and investment data clearly indicate the need for private sector of both countries to engage more deeply, he added.

Rabiah is leading a 25-member business delegation from Saudi Arabia to India.

"Saudi Arabia is confident of attracting Indian investment because it is the largest market in West Asia. Businesses have to take the lead and work with the government. Investment and business opportunities from India in the areas of Education, IT, Tourism, Health care, Biotechnology, Telecommunications and Automobiles and components should be explored".

According to him, more than 65 percent of Saudi population is less than 27 years, and he looks forward to India collaborating especially in the Services, Education and Healthcare sector andwelcomed the Indian businessmen to invest in Saudi Arabia.

Faisal Hassan Trad, Ambassador of the Royal Embassy of Saudi Arabia to India, said that after the visit Indian Prime Minister Dr. Manmohan Singh's visit to Saudi Arabia in 2010 and the Riyadh Declaration, economic and commercial opportunities for bilateral trade and investment is on the upswing.

In his welcome address, Atul Punj, Chairman CII Gulf Committee and Chairman Punj Lloyd said that the India Saudi relationship was elevated to strategic partnership during the historic visit of Prime Minister Dr Manmohan Singh to Kingdom of Saudi Arabia in 2010, and economic cooperation is and will remain a vital component of this partnership.

He also added that there is need to greatly diversify the trade basket and move up the value chain. The sectors of potential for investments in KSA relate to oil and gas, education, pharmaceuticals, biotechnology, and manufacturing industries such as chemicals, plastics, and food processing, among others. (ANI)