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FIEO organises business meet with high level delegation from Saudi Arabia

E-Tex Staff - Mumbai

The Federation of Indian Export Organisations (FIEO), western region, recently organised a one-on-one business meet in Mumbai, between a high-level Saudi delegation and the exporting community in Mumbai.

The delegation, led by Mr Abdul Rahman A. Al Jeraisy, chairman of the Council Of Saudi Chamber of Commerce and Industry, comprised of 28 leading businessmen representing various sectors of industry and trade - textiles, infrastructure development, IT, agricultural products and equipment, etc. As many as 100 exporters from Mumbai participated in the meet.

Speaking on the occasion, Mr G K Gupta, chairman, FIEO, WR, said that this meet was an important link in FIEO’s strategy to strengthen Indo-Saudi business ties especially exports and joint ventures from India. “FIEO, western region had recently concluded two successful business meets in Saudi Arabia over the last three months between June and September, 2003, concluding business of over US$ 40 million, which represents one per cent of the total Indian exports to Saudi Arabia.” He further stated that FIEO would soon lead a joint venture/projects meet to Saudi Arabia. “This signifies the changes taking place in the Kingdom, and the process of opening up of the Saudi economy to foreign investment,” he said.

According to Mr Jeraisy, there is scope to increase bilateral trade between the two countries, and with the investment climate in India improving, Saudi businessmen would definitely look at the country as an investment destination. “Saudi Arabia has over US$ 600 billion worth of investments in North Africa, US, Australia, etc, and we are keen to have investments here too.” He invited the Indian business community to invest in Saudi Arabia, where it could get a number of financial benefits, such as 50 per cent of the loans at extremely low rates of interests, guarantees and finance for manufacturing and exporting from Saudi, etc. “We are now looking at entering into the manufacturing sector, and have set up facilities for petrochemical manufacturing,” he stated.