India, Saudi trade meet ends

New Delhi, Jan 19 | Updated: Jan 20 2007, 05:30am hrs
India and Saudi Arabia on Friday reiterated their commitment to implement the provisions of the Delhi Declaration towards bilateral relations, enhancing economic, investment and commercial relations, building a strategic partnership in the field of energy and engendering cooperation in science and technology, education, health and promoting the welfare of the Indian community in Saudi Arabia.

The seventh two-day session of the India-Saudi Arabia joint commission which concluded on Friday, underlined the determination of both sides to work together to realise and achieve the goals set out under the Delhi Declaration in 2006.

Dr Hashim Abdullah Al-Yamani, minister of commerce and industry of Saudi Arabia, co-chaired the mee. He was accompanied on his visit by Abdullah A Al Hamoudi, vice-minister for foreign trade and a 32-member team, a 36-member business delegation and an 18-member ICT delegation. Both sides made presentations on their respective economies and investment prospects and reiterated their commitment to follow up on various decisions taken during the meet. Bilateral trade and investments has been growing satisfactorily and considerable possibilities exist for further growth.

Notably, India is the fourth largest trading partner of Saudi Arabia.

The Saudi business and ICT teams interacted with their Indian counterparts at the joint business council meet at Ficci, CII and Assocham. The ICT team is also scheduled to visit Bangalore and Hyderabad for further interaction in the ICT field.

Saudi Arbaia will provide all support to Indias business community to forge closer partnership in trade and investment between the two countries, Saudi commerce and industry minister Hashim Bin Abdullah bin Hashim Al-Yamani said while addressing the second meeting of India-Saudi Arabia joint business council.

According to him, This is a great time for forging a true partnership between the two countries and our government will provide the business community all kind of support.