Saudi business team looks at investment opportunities

Delegation is visiting to pursue, promote two-way investments between India, home country

A visiting business delegation from Saudi Arabia led by Abdulrahman Al Rabiah, chairman of Saudi-Indian business council, on Tuesday met chief minister N Kiran Kumar Reddy. The delegation is on a visit to pursue and promote two-way investments between India and their home country.

The chief minister has assured that the state government would extend all incentives and facilities to the Saudi industrialists who are looking at investment opportunities in Andhra Pradesh.

“Andhra Pradesh provides a sea of opportunities in areas such as petrochemicals, bulk drugs and pharmaceuticals, IT,  biotechnology, mining for Saudi investors,” a statement quoted him as saying in the meeting.

Addressing a meeting organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci) later in the day Abdulrahman said there was enormous scope for the investors of India and Saudi Arabia to form joint ventures in the respective countries.

Andhra Pradesh Industrial Infrastructure Corporation (APIIC) vice chairman and managing director Jayesh Ranjan told the Saudi businessmen to look at investing in sectors like food processing, pharma, textiles and IT among others.

The corporation currently has about 27,000 acres of land at its disposal for allotment to new industrial projects and further requisitioning of land from the government would be made depending on the demand, he said.