More Indian firms investing in Saudi Arabia

More Indian firms investing in Saudi Arabia
PTI
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First Published: Wed, Sep 05 2007. 01 52 PM IST
Updated: Wed, Sep 05 2007. 01 52 PM IST
Dubai: Saudi Arabia has emerged as a lucrative investment destination for Indian firms with over 190 of them getting licenses from the Saudi Arabian Investment Authority over the past two years.
These companies are capable of pumping more than Rs 43,673 crore to the Saudi economy, Adnan Al-Naeem, deputy secretary general of the Eastern Province Chamber of Commerce and Industry, said after a meeting with an Indian business delegation on Monday in Dammam.
The visiting delegation, led by G M Gandhi, explored investment opportunities in the region and expressed their desire to establish joint ventures in plastic and derivatives industries.
Gandhi said there was a great scope for joint ventures in the plastic sector in the Kingdom because of easy accessibility of cheap raw material from the Saudi Arabian Basic Industries Corporation and other companies and the Kingdom’s position as the largest market for plastic products in the region.
Bilateral trade between the two countries rose to 28% to cross the 13 billion Saudi Arabian Riyal in 2006.
While Saudi imports from India were valued at 6.8 billion Saudi Arabian Riyal in 2006, the exports, excluding petroleum products, accounted for 2.6 billion Saudi Arabian Riyal in the same period, Al-Naeem was quoted as saying by the Arab News.
The Saudi investments in India are pegged at more than 858 million Saudi Arabian Riyal in 55 joint ventures. They cover chemicals, computer software, cement, metals and some other industrial products.
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First Published: Wed, Sep 05 2007. 01 52 PM IST