Pranab to visit Saudi Arabia to boost bilateral ties

Finance Minister Pranab Mukherjee is leaving for Saudi Arabia today to attend a meeting of the joint commission formed by the two countries to promote bilateral ties.

"The minister would leave today for a single-day visit to Riyadh where he would attend the joint commission meeting (JCM) tomorrow and would be back on Sunday," an official with the Ministry of Finance said. 

"Many issues would be taken up at the meeting, including development and trade," the official added.

The the Joint Commission for economic, trade, scientific, technical and cultural cooperation was formed in 1981.

Potential areas for cooperation include the hydrocarbons sector, power, railways, roads, telecom, information technology, biotechnology, pharmaceuticals, consultancy, education, tourism and tourism-related infrastructure.

Main Indian exports to Saudi Arabia are basmati,non-basmati rice, tea, man-made yarn, fabrics, cotton yarn, primary and semi-finished iron and steel, chemicals, plastic and linoleum products, machinery and instruments.

India's imports include petroleum and petrochemical products. Saudi Arabia meets about 26 per cent of India's crude requirements annually, the website said.

The total trade between the two countries in 2007-08 was over $23 billion.