$624 Billion Opportunity between India and Saudi

Hyderabad, March, 5: The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) in association The Embassy of Saudi Arabia to India, Saudi-Indian business council and FICCI jointly organized a meeting on 'Business Opportunities between India and Saudi Arabia for Promoting Trade and Investment Partnerships' on March 05, 2013 at Federation House, Hyderabad. Dr. Abdulrahman Al Rabiah, Chairman, Saudi-Indian business council was the Chief Guest and Mr. Sri Jayesh Ranjan, IAS., VC & MD, A.P. Industrial Infrastructure Corporation Ltd was the Guest of honour at the occasion.

Mr. Devendra Surana, President, FAPCCI, Mr. Saqr Al-Qurashi, First Secretary, Royal Embassy of Saudi Arabia in IndiaMr. Srinivas Ayyadevara, Sr Vice President, FAPCCI, Mr. Shyam Sunder Pasari, Chairman, International Relations Committee and Mr.M.V. Rajeshwara Rao, Secretary General were the other speakers at the occasion.

Dr. Abdulrahman Al Rabiah, Chairman, Saudi-Indian business council said there is a $624 billion Investment Opportunity between the two countries. Saudi Arabia national budget for the 2013 fiscal year, with total allocated funds $219 Billion, he said. Net foreign assets in 2012 for Saudi Arabia $628 Billion and the Government budget surplus in 2012 is $102 Billion, he said. Saudi Arabia Export/GDP 54.4% and Import/GDP 23.2%, he explained.

Among several other points, he highlighted the following about Saudi Arabia:

' Advantages Of Saudi Non Oil Exports
' Applying International Standard & Specification.
' Availability of Raw Material.
' Accessibility to about 150 International Markets.
' Competitive price.
' Financing programs.
' Air, sea & land cargo from various ports.
' Strong GDP growth
' The 1st in the world in terms of lowest energy prices
' Large budget and current account surpluses.
' Largest world Oil reserves (25% of world oil reserves).
' Fourth Largest Natural Gas reserves.
' The Largest producer of Petrochemicals in the Arab World.
' The largest economy in the Arab World & among the top Economies in the world.
' 17th worldwide Exporter & 31st worldwide Importer
' Top of the list of Arab host of foreign direct investment flow & inter-Arab investments interfaces

Mr. Sri Jayesh Ranjan, IAS, VC & MD, A.P. Industrial Infrastructure Corporation Ltd said that AP is among the top 3 states of the Country for industrial investments and it is 2nd Largest Mineral Store House of India.

He also said that the Andhra Pradesh has second longest coast line of 974 kilo meters and 85 out of 500 top global corporates are present in the state.

Mr. Devendra Surana, President, FAPCCI said that the 2 million plus strong Indian community in Saudi Arabia is the largest expatriate community in the Kingdom and is the 'most preferred community' due to their expertise, sense of discipline, law abiding and peace loving nature. The contribution made by Indian community to the development of Saudi Arabia is well acknowledged. The Haj pilgrimage is another important component of bilateral relations with more than 1.7 lakh Indians performing Haj every year, representing third largest contingent performing Haj.