India seeks Saudi investment in various sectors

02 Dec 2014

(MENAFN) India is seeking to attract Saudi businessmen to invest in its vital sectors such as automobiles, aviation, construction, electronic systems, IT, food processing, oil and gas and petrochemicals, as part of the country’s plans to transform itself into a manufacturing hub, Arabian Business reported.

The country is also seeking foreign investments for other sectors including biotechnology, defense manufacturing, electrical machinery, media and entertainment, mining, pharmaceuticals, ports, railways, renewable energy, roads and highways, space, textile garments, thermal power, tourism and hospitality.

Saudi Arabia is India’s 4th largest trading partner with bilateral trade reaching USD43 billion during 2012-13, as well as being the largest supplier of crude oil to India, accounting for one-fifth of total oil imports.

“This reflects the fact that both countries are developing a broad strategic vision where they are determined to work together closely for the welfare and benefit of their citizens while maintaining peace and stability,” India’s General Council to Saudi said.

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