Kingdom, India to boost business ties, investments


Saudi Gazette report

The Saudi-Indian Joint Business Council on Sunday discussed ways to further boost bilateral business ties and enhance investment opportunities. The coordination meeting, presided over by Eng. Kamel Al Munajed, co-chairperson of the Council, reviewed the outcome of the recommendations made by the Council in its previous meeting.

Addressing the session, Saudi Ambassador to India Dr. Saud Al-Sati highlighted the most important economic and investment opportunities available between the Kingdom and India. He reviewed the investment mechanism in India for the Saudi businessmen and how to avoid the obstacles that they may face while doing business and making investments, the Saudi Press Agency reported.

At the meeting, the representative of the Saudi Priority Project Office presented a summary of its services in stimulating private sector projects in the Kingdom.

These included facilitating the procedures of 12 strategic projects as well as doing business in the Kingdom by removing the challenges facing the establishment of large private sector companies with high economic impact within specific criteria and conditions.

This is aimed at enabling the private sector to play its desired role within the system of national economy and its contribution to increase the volume of GDP.

On his part, Deutsche Bank Chief Executive Officer gave a presentation on India’s current fast-growing economic trends in its capacity as one of the largest economies in the world.

There is a move to expand growth through a number of current economic forces by a focus on the agricultural sector, as well as on the field of fuel exports, which account for 15 of its total exports.

Saud Al Hammadi, acting Saudi commercial attaché, and members of the Council attended the meeting.

The Council meeting aims at discussing the Saudi-Indian trade and investment opportunities, creating new paths for economic cooperation and achieving qualitative leaps for long-term economic partnerships.