Saudi Arabia keen on better trade ties with India
New Delhi: Senior government officials told FE the Saudi king has written a personal letter to the Prime Minister, which was delivered by Saudi Arabian deputy ministers in New Delhi. The letter, handed over to minister of state for external affairs Shashi Tharoor on Monday, stated that Manmohan Singhs visit could not materialise as the proposed dates were not convenient to the Saudi government.
Sources said the Saudi Arabian deputy industry minister and deputy trade minister met with minister of commerce Anand Sharma, finance minister Pranab Mukherjee and senior government officials. They clarified that whenever the new dates for the Prime Ministers visit to Saudi Arabia are finalised, it is expected he would be accompanied by a high-level delegation, including representatives of India Inc. The sectors for mutual cooperation include science and technology, research and development and the social sector, where Indian can help Saudi Arabia with technological knowhow. Besides, free trade agreements between India and Saudi Arabia is another issue that the two sides want to see take up.
Officials in Ficci said India is the fourth largest trading partner for Saudi Arabia. The Gulf nation is the 15th largest market for Indian exports and is the destination of more than 1.76% of Indias global exports. On the other hand, Saudi Arabia is the source of 5.5% of Indias global imports.
In terms of imports by Saudi Arabia, India ranks ninth and is source of around 2.96% of Saudi Arabias total imports. The main Indian exports to Saudi Arabia are basmati/non-basmati rice, tea, man-made yarn, fabrics, made-ups, cotton yarn, primary and semi-finished iron and steel, chemicals, plastic and linoleum products, machinery and instruments.
FICCI officials pointed out that 1.4 million Indians are working in Saudi Arabia, over 90% of whom are in the blue-collar category. These people have made an immense contribution to the Saudi economy and play an important role in strengthening bilateral relations.
Since mid-2000, a number of Indian firms have taken advantage of the new Saudi laws and established joint venture projects or wholly-owned subsidiaries in the kingdom. Saudi Arabian General Investment Authority (SAGIA) said in the past two years, it has issued new 82 licences to Indian companies for joint ventures or 100% owned entities.
New Delhi: Senior government officials told FE the Saudi king has written a personal letter to the Prime Minister, which was delivered by Saudi Arabian deputy ministers in New Delhi. The letter, handed over to minister of state for external affairs Shashi Tharoor on Monday, stated that Manmohan Singhs visit could not materialise as the proposed dates were not convenient to the Saudi government.
Sources said the Saudi Arabian deputy industry minister and deputy trade minister met with minister of commerce Anand Sharma, finance minister Pranab Mukherjee and senior government officials. They clarified that whenever the new dates for the Prime Ministers visit to Saudi Arabia are finalised, it is expected he would be accompanied by a high-level delegation, including representatives of India Inc. The sectors for mutual cooperation include science and technology, research and development and the social sector, where Indian can help Saudi Arabia with technological knowhow. Besides, free trade agreements between India and Saudi Arabia is another issue that the two sides want to see take up.
Officials in Ficci said India is the fourth largest trading partner for Saudi Arabia. The Gulf nation is the 15th largest market for Indian exports and is the destination of more than 1.76% of Indias global exports. On the other hand, Saudi Arabia is the source of 5.5% of Indias global imports.
In terms of imports by Saudi Arabia, India ranks ninth and is source of around 2.96% of Saudi Arabias total imports. The main Indian exports to Saudi Arabia are basmati/non-basmati rice, tea, man-made yarn, fabrics, made-ups, cotton yarn, primary and semi-finished iron and steel, chemicals, plastic and linoleum products, machinery and instruments.
FICCI officials pointed out that 1.4 million Indians are working in Saudi Arabia, over 90% of whom are in the blue-collar category. These people have made an immense contribution to the Saudi economy and play an important role in strengthening bilateral relations.
Since mid-2000, a number of Indian firms have taken advantage of the new Saudi laws and established joint venture projects or wholly-owned subsidiaries in the kingdom. Saudi Arabian General Investment Authority (SAGIA) said in the past two years, it has issued new 82 licences to Indian companies for joint ventures or 100% owned entities.