Saudi Business people and Indian Finance Minister Discuss Trade Relations

The Council of Saudi Chambers (CSC) hosted a meeting between India’s Minister of Finance, Arun Jaitley, and Saudi businesspeople to discuss trade relations between the two countries.

Attendees of the meeting included CSC Chairperson Eng. Ahmed Al Rajhi, Secretary General Dr. Saud Al Meshari, and Undersecretary of the Ministry of Commerce and Investment for Foreign Trade Abdulrahman Al Harbi.

Mr. Jaitley conveyed India’s keenness on fostering economic relations with the Kingdom and increasing the number of Saudi investments in India; noting that India offers promising opportunities to foreign investors, backed with the required infrastructure. He shed light on the economic developments in India, which currently ranks as the seventh largest economy in the world with an estimated USD 2.5 trillion, making it one of the fastest growing economies worldwide. He attributed these developments to the recent reforms and free market policies adopted by the government.

Mr. Jaitley highlighted areas for cooperation between the two countries, including healthcare, tourism, industries, constructions, infrastructure, agriculture, and energy. He encouraged Saudi investors to collaborate with their Indian counterpart to benefit from these opportunities, while simultaneously praising the Saudi Vision 2030 for the various opportunities it brings about.

For his part, Eng. Al Rajhi noted the robust social, economic, and trade relations between Saudi Arabia and India, based on mutual respect and interests, adding that with factors such as geographic proximity, G20 membership, and peace-advocating policies, they can elevate their partnership into a strategic economic partnership.

The CSC Chairperson commended the support given to the business communities in both countries by their respective leaderships and private sectors, as well as the agreement on encouraging and protecting investments, and the agreement on the avoidance of double taxation. He noted that such factors led to trade increasing from USD 4.2 billion in 2000 to USD 22.3 billion in 2016, making India one of the four largest importers from Saudi Arabia, and one of the seven largest exporters to it.

Al Rajhi encouraged Indian lawmakers to facilitate the access of Saudi non-oil products to the Indian market, and encouraged both sides to increase joint investments and the transfer of Indian technology to the Saudi market. In addition to finding new areas for cooperation, particularly in infrastructure, agriculture, human resources, renewable energy, and SMEs.

Undersecretary for Foreign Trade, Mr. Al Harbi, stated that the steady growth in Saudi-Indian relations reflects a mutual interest to foster these relations, adding that there are various promising opportunities to explore in both countries.

Chairperson of the Saudi side of the Saudi-Indian Business Council, Kamel Al Munajed, pointed to the visit of India’s Prime Minister to Saudi Arabia two years ago, during which he met with CSC officials and Saudi businesspeople and briefed them on the economic developments in India, adding that Saudi investors are interested to explore the various economic sectors in India.

On the same note, President of the Federation of Indian Chambers of Commerce and Industry, Rashesh C Shah, encouraged both sides to enhance their cooperation in the Housing sector, which he described as rapidly growing, alongside a number of other sectors.