More than 190 Indian companies have received licenses
from the Saudi Arabian Investment Authority over the past
two years to set up either fully-owned or joint venture
projects with Saudis.
companies are said to have lined up investments worth
over SR4 billion (Rs43,673 crore) in the Saudi Arabia
with the country emerging as a lucrative investment destination
for the Indian firms.
was disclosed by Adnan Al-Naeem, deputy secretary general
of the Eastern Province Chamber of Commerce and Industry
after a meeting with an Indian business delegation in
delegation, led by G M Gandhi, expressed a desire to establish
joint ventures in plastic and derivatives industries with
easy accessibility of cheap raw material from the Saudi
Arabian Basic Industries Corporation.
investments in India are pegged at more than SR858 million
in 55 joint ventures. They cover chemicals, computer software,
cement, metals and some other industrial products.
trade between the two countries rose to 28 per cent to
cross the SR13 billion in 2006.
imports from India were valued at SR6.8 billion in 2006
while exports excluding petroleum products accounted for
SR 2.6 billion in the same period.