Saudi biz delegation explores trade ties in UP

CII organised an interaction with the delegation led by Saudi-Indian Business Council chairman and Al Rabiah & Partners president Dr Abdulrahman Al Rabiah

A Saudi Arabian business delegation today explored trade ties with industrialists and businessmen in Uttar Pradesh.

Confederation of Indian Industry (CII) had organised an interaction with the Saudi delegation, which was led by Saudi-Indian Business Council chairman and Al Rabiah & Partners president Dr Abdulrahman Al Rabiah.

The Saudi delegation had been on a business tour to India since March 4 and had arrived here after visiting Hyderabad and New Delhi.

Speaking on the investment scenario in Saudi Arabia, he said contrary to the perception, non-oil private sector contribution to the Gross Domestic Product (GDP) of Saudi Arabia was as high as 7.2%.

Also, the public debt was 3.6% of the GDP which was the lowest in the world.

Dr Rabiah also gave a presentation on ‘Saudi Arabia – An Investors Focus’ wherein he shared that Saudi Arabia presented 624 billion worth of investment opportunity up to 2020.

The advantages of investing there included pursuing international standards, availability of raw material, accessibility to international markets, competitive pricing, availability of finance and shipment of cargo through various ports.

CII Northern Region Special Task Force on Skills & Education and TCS regional head Jayant Krishna lauded the economic transformation of Saudi Arabia, which had embraced free economy concept.

CII UP State Council chairman and Tata Motors vice president Alok Saxena outlined the opportunity in UP for Saudi investors. He said UP presented tremendous scope for partnership and the Infrastructure and Industrial Investment Policy 2012 reflected the progressive approach of the government.

He said CII organised such interactions in UP so that the local industry & stakeholders were exposed to overseas opportunities and enabled them forge international business linkages.