Half a dozen Indo-Saudi bilateral deals likely on PM visit

India and Saudi Arabia are poised to sign nearly half a dozen bilateral agreements in areas of Higher Education, Science & Technology, research and development, social sector, petroleum and petrochemicals during the forthcoming visit of Indian Prime Minister, Dr. Manmohan Singh to Saudi Arabia, disclosed Saudi Arabian Ambassador, Mr. Faisal Hassan Trad.

Addressing ASSOCHAM Indo-Gulf Summit here today at Chandigarh, the Saudi Ambassador emphasized that in bid to consolidate, fructify and take the proposed visit of the Indian Prime Minister to Saudi Arabia to a logical conclusion, its Commerce Minister is paying an official visit to India sometimes in August 2009 to make an adequate preparatory ground for signing the proposed agreements.

The Ambassador further said that draft agreement are being finalized at the highest level of the two governments to further cementing their trade, economic and social ties since India and Saudi Arabia have moved to very close to each other.

Trad clarified that while the date for the visit of Indian Prime Minister to Saudi Arabia has yet to be firmed up, it is expected that Dr. Manmohan Singh would certainly lead a very high level delegation of senior government functionaries including representatives of India Inc.

The areas identified for the proposed agreements comprise science and technology, research and development and social sector because India has edge on these sectors and the Saudi Arabia needs technological help from India in the region.

The Saudi Arabia can enrich India in these crucial areas by offering it its financial strength. The other areas for bilateral agreements as already identified between the two governments included petroleum and petro-chemicals which Saudi Arabia has all inputs and technology, indicated the Ambassador.

On the issue of Free Trade Agreements between India and Gulf nation, the Saudi Arabian Ambassador emphasised that talks on this issue are progressing very well and all nitty-gritty are being looked at very closely so that neither party has any grievance after the proposed FTA is concluded.