RIYADH, March 1 (NNN-KUNA) — The Saudi-Indian Business Forum kicked off at the Council of Saudi Chambers of Commerce and Industry here in the presence of visiting Indian Prime Minister Manmohan Singh and Saudi Minister of Commerce and Industry Abdullah Zainal.
During the meeting Sunday, both sides voiced willingness to further bolster and cement bilateral economic and trade relations.
They urged their private sectors to step up communication and cooperation with a view to setting up more joint ventures in all domains.
Addressing the gathering, the Saudi minister of commerce and industry described Saudi-Indian relations as “historical”, being continuously developed and living up to the aspirations of both countries.
This reflects the Kingdom’s interest in developing cooperative ties with India by all means and ways, and in deepening bilateral cooperation, he said.
He pointed to the Saudi government’s efforts for propping up the Saudi national economy in the face of world challenges, citing a recent reform package as a relevant clear-cut paradigm.
Zainal also extolled India’s economic moves purposed to push forward its national economic performance, noting that India would spend roughly USD 600 billion on infrastructure projects, thus favourably reflecting on all sectors in the country.
For his part, the visiting Indian premier said the historic visit of Saudi King Abdullah bin Abdulaziz Al-Saud to India in 2006 was of paramount significance in the history of bilateral relations.
During the visit, both sides had agreed to increase two-way trade exchange and investment and to improve bilateral communication, he said.
He hoped that two-way dialogue and talks he would have with the Saudi king later could lead to a further promotion and reinforcement of bilateral cooperative relations up to higher vistas.
Singh spoke highly of Saudi Arabia as a reliable partner for meeting his country’s energy needs, expressing confidence that the time is now ripe for both sides to have a holistic partnership in the energy domain.
Trade exchange skyrocketed to USD 25 billion in 2008-2009, with Indian investments in the Kingdom being in the neighbourhood of USD 2 billion through 500 joint ventures, the Indian premier remarked.
He urged Saudi and Indian businessmen and investors to seek to explore more investment openings in India, chiefly in construction, industry, medicine, health, farming, energy, communications and tourism.
– NNN-KUNA
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