5th ISJBC meet held in New Delhi.
Bureau Report
NEW DELHI: Saudi Arabia offers investment opportunity in the field of physical infrastructure, electricity, petrochemicals, production, telecom & IT, water desalination, natural gas production, education and training and agriculture expansion. These fields require investments of $624 billion.
Speaking on the occasion of the 5th India-Saudi Arabia Joint Business Council (ISJBC) meeting in New Delhi, today, chairman of the council Dr.Abdulrahman Al Rabiiiiah termed the current level of business exchanges between the two countries below than expected. This is despite the two governments’ facilitation of two-way business engagements providing various opportunities. The meeting was arranged by the Federation of Indian Chamber of Commerce and Industry (FICCI).
The chairman of the ISAJBC, who is heading a high-power business delegation to India, has called upon the Indian industrialists to take advantage of the growth opportunities available in Saudi Arabia. He pointed out that two-thirds of Saudis are below 27 years of age and they need schools, industries and hospitals to meet the growing objectives.
“There is a lot of room for Indian companies with their high technology and experience to share in the development of Saudi Arabia,†he said, adding that the $400 million-odd investment by big Indian companies was insignificant compared with the potential.
The Saudi Arabian Ambassador to India, Dr. Saud M Al Sati, pointed out that in 12 years from the year 2000, investments from Saudi companies were only $40 billion in India. He has invited the captains of industry from both the countries to take advantage of the opportunities and increase the quantum of investments through long-term business relationships in the coming years.
FICCI’s senior executive committee member Rakesh Bakshi pointed out that renewable energy provides great scope for the companies from both the countries to work together as “India has the institutional framework and the technology to develop and promote renewables.
“We do not believe in re-inventing the wheel. Our companies have the know-how and experience to modify the wheel and suit it to your requirements in the most inhospitable of climatic conditions,†said Bakshi.
Bakshi also listed other areas of opportunities for collaboration such as education and skill development, healthcare, and pharmaceuticals.