Embassy of India
Embassy of India, Riyadh organised an interactive session for the members of the Saudi-India Business Council on 8 May, 2018 at Hotel Intercontinental, Riyadh. The session was organised in the backdrop of growing bilateral relations between the two countries, especially in the field of trade and investment.
Ambassador H. E Ahmad Javed made a presentation on the topic ‘India-Saudi Arabia-Shared Future’. Ambassador highlighted the multiple facets of the resilient Indian economy and the recent structural reforms adopted by the Indian Government. He also pointed out that India’s ranking in World Bank’s ‘Ease of Doing Business’ report has climbed 42 places to position itself at 100th rank.
On this occasion, Ambassador also underscored that the Indian economy is growing at 7 % + over the recent years and would continue to grow at the same rate through the next decade. He pointed out that the India-Saudi Arabia bilateral relations are on upswing following the historic visit of PM Narendra Modi to the Kingdom in April, 2016 and noted that India’s participation at the Saudi National Heritage and Culture Festival -Janadriyah as ‘Guest of Honour’ was widely received by the Saudi Nationals. He stressed on the need to further deepen and diversify the existing trade relations beyond the traditional oil sector into newer areas of Mining, Renewable Energy, Textiles, Automobiles, Artificial Intelligence, Robotics, Food & Food processing, defence, tourism, entertainment etc. Ambassador emphasized that the ambitious ‘Vision 2030’ of the Kingdom could be dovetailed with the Indian flagship programmes to enable a sustainable development and a shared prosperity for both the countries.
Saudi-India Business Council (SIBC) Chairman Mr. Kamel Al Munajjed also reiterated that India is a major trading partner to the Kingdom and the bilateral relations has further strengthened in the recent years due to the favourable policies from both the sides. Dr. Abdulrahman Al Rabiah, member of SIBC pointed out that India could be a valuable partner in skilling of Saudi youths, technical education and vocational training. He also noted that food security is another aspect where both the countries could work together.
The Kingdom of Saudi Arabia and India share centuries old economic and socio-cultural ties. Economic ties constitute an important element of the India Saudi Arabia Strategic Partnership. Saudi Arabia today is India’s 4th largest trade partner (after China, USA and UAE) and is a major source of energy as India imports around 19% of crude oil from the Kingdom. The value of India Saudi Arabia bilateral trade during 2016-17 was USD 25.079 billion. During this period, India’s imports from Saudi Arabia reached USD 19.94 billion, whereas our exports to Saudi Arabia reached USD 5.13 billion. Saudi Arabia is the 8th largest market in the world for Indian exports and is destination to more than 1.86% (2016-17) of India’s global exports. On the other hand, Saudi Arabia is the 3rd largest source of imports, constituting 5.19% (2016-17) of India’s global imports.
Deputy Chief of Mission Dr. Suhel Ajaz Khan and Second Secretary Dr. Rambabu also attended the event.