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September 05, 2007 12:30 IST
Saudi Arabia has emerged as a lucrative investment destination for Indian firms with over 190 of them getting licenses from the Saudi Arabian Investment Authority over the past two years.
These companies are capable of pumping more than SR4 billion (Rs 43,673 crore or Rs 436.73 billion approximately) to the Saudi economy, Adnan Al-Naeem, deputy secretary general of the Eastern Province Chamber of Commerce and Industry, said after a meeting with an Indian business delegation on Monday in Dammam.
The visiting delegation, led by G M Gandhi, explored investment opportunities in the region and expressed their desire to establish joint ventures in plastic and derivatives industries.
Gandhi said there was a great scope for joint ventures in the plastic sector in the Kingdom because of easy accessibility of cheap raw material from the Saudi Arabian Basic Industries Corporation and other companies and the Kingdom's position as the largest market for plastic products in the region.
Bilateral trade between the two countries rose to 28 percent to cross the SR13 billion in 2006.
While Saudi imports from India were valued at SR 6.8 billion in 2006, the exports, excluding petroleum products, accounted for SR 2.6 billion in the same period, Al-Naeem was quoted as saying by the Arab News
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