India is looking forward to reviving its bilateral trading ties with Saudi Arabia. India’s friendly gesture was received with equal fervor by the Gulf nation.
Prime Minister Dr. Manmohan Singh, while speaking at the Council for Saudi Chambers of Commerce and Industry, had welcomed Saudi investment in Indian projects, including infrastructure. He said, “India’s needs for high quality modern infrastructure are vast. We have opened our doors to foreign investment and I invite investors and entrepreneurs from Saudi Arabia to explore investment opportunities in India. I would specifically refer to the construction, manufacturing, pharmaceuticals, health, agriculture, energy, telecommunications, tourism and other service sectors.”
In return, India is offering its expertise in knowledge-based enterprises. Dr. Singh said, “India has a proven track record in the field of knowledge-based industries, which have great potential for improving the skill set of the workforce. India would be happy to share her experience with Saudi Arabia in human resources development. Cooperation in the areas of science and technology are other areas for future development.”
Dr. Singh added that the emerging economies like India and Saudi Arabia will be playing a crucial role in the restructuring of global economic and financial architecture. According to the Indian PM, the robust growth of two economies provides ample opportunities for business communities from both sides.
The strengthening of trading ties between two countries is crucial for both. From India’s perspective, Saudi is the largest supplier of crude oil, which gains importance as the country is readying itself for a higher growth in the coming decade. For Saudi Arabia, India offers a huge market for its crude oil with its ever-expanding demand for energy.
