India, Saudi Arabia decided to establish Saudi-Indian Business Network
India and Saudi Arabia have decided to create a Saudi-India Business Network (SIBN) separately in Riyadh and Dammam.
What will be the focus of SIBN?
SIBN would catalyze the promotion of India-Saudi bilateral commerce and trade relations, investment, Business-to-Business interactions and exchanges. The proposed network would comprise of both Indian and Saudi businessmen, entrepreneurs, industrialists and members of business Chambers. Membership of SIBN would be open to all Indian and Saudi businessmen and entrepreneurs.
Salient facts about India-Saudi Arabia Trade:
- Saudi Arabia is the 4th largest trade partner of India.
- Bilateral trade stood at 43.19 billion dollars in 2012-13.
- India imports 17% of its crude oil needs from the Kingdom which makes it largest supplier of petroleum.
- It is also one of the major markets for Indian exports and the destination for more than 1.86% of India’s global exports.
- India is the 5th largest export market for Saudi Arabia, accounting for 7.55% of its global exports.
- Both the nations have an established framework of cooperation which includes Joint Commission Meetings (JCM), India-Saudi Business Council.
- Several companies from both countries are collaborating in the spheres of designing, consultancy, financial services and software development.
- Saudi Arabia is also emerging as a big investor in India.