It’s business unusual: India, Saudi Arabia ink four pacts to give trade its due

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New Delhi, Jan 25: India and Saudi Arabia signed four accords, including one on avoidance of double taxation, investment promotion and protection agreement in New Delhi, on Wednesday.

These accords, including an agreement on combatting terrorism and co-operation agreement in the field of youth and sports, were signed in the presence of Prime Minister Manmohan Singh and Saudi King Abdullah bin Abdul Aziz. At the corporate level also six commercial MoUs were signed between top Indian and Saudi companies.

The MoU on combating terrorism was signed by home minister Shivraj Patil and Saudi foreign minister Prince Saud al-Faizal bin Abdul Aziz al Saud. Agreements on avoidance of double taxation and investment promotion were signed by defence minister Pranab Mukherjee and Saudi finance minister Ibraheem Bin Abdul Aziz al Assaf.

Company level MoUs were also signed at a special session of the India-Saudi Arabia joint business council under the aegis of Ficci.

These include commercial agreements between Engineers India Ltd and Manar Energy Co; State bank of India Capital Markets and Manar Financial Investment Co; Gujarat State Petroleum Corporation Ltd and FAS Saudi Holding Co; Apollo Healthcare and FAS Saudi Holding Co; Avesthagen, bangalore and The Batterjee Group of Industries, Jeddah; and Ficci - Medical Tourism Council Maharashtra and The Batterjee Group of Industries, Jeddah.

The cooperation agreement in the field of youth and sports was inked by minister of state for youth affairs and sports Oscar Fernandes and Saudi culture and information minister Iyad bin Ameen Madani. It may be recalled that the Union Cabinet had given its approval for signing of these treaties last week.

Saudi King Abdulllah Bin Abdulaziz al-Saud arrived here on a landmark four-day visit, the first by a Saudi Monarch in 51 years, signalling a major transformation in relations between oil rich Saudi Arabia and energy-seeking India.

The Prime Minister, defying protocol, received the King at the Palam technical area and several senior officials were also present.

King Abdullah, who is accompanied by a large delegation, including ministers and prominent Saudi businessmen, will address a special session of the India-Saudi Arabia business council during the visit.

On January 27, Vice President Bhairon Singh Shekhawat, UPA chairperson Sonia Gandhi and Opposition leader in Lok Sabha LK Advani will call on him. This will be followed by a visit to the Jamia Milia Islamia University where he will be conferred with an honorary doctorate. He will leave the same evening.