16-member delegation of the Confederation of Indian Industry is
arriving here on Friday on a weeklong visit to the Kingdom. Addressing
a press conference here yesterday, Indian Ambassador Talmiz Ahmad said
the delegation would be headed by Dr. J.J. Irani, managing director of
Tata Steel, one of India’s largest companies.
said the delegation would be visiting Riyadh from April 13 to 15,
Dammam (April 16-17) and Jeddah (April 18 and 19) at the invitation of
the Council of Saudi Chambers of Commerce and Industry.
CII, India’s top business association with a membership of 3,800
companies, is organizing a trade mission to the Kingdom for the second
time. A delegation, also led by Irani, visited Riyadh in 1999.
Ahmad said members of the delegation would hold talks with Prince
Abdullah ibn Faisal, governor of the General Investment Authority, and
Saleh Al-Husseini, deputy minister of industries, besides leading
businessmen. They will also meet Saudi businessmen in the three
out the objectives of the mission, Ahmad said it was to promote
two-way investment, joint ventures, technology transfers and marketing
tie-ups. Bilateral trade has remained steady at over $3 billion
there are 21 Saudi-Indian joint ventures in the Kingdom and 33 in
India. Soon after new investment regulations came into force in the
Kingdom two Indian firms obtained licenses involving a total of $287.2
million for the manufacture of linear alkyl benzene and natural
few other Indian companies have also taken advantage of the new
regulations providing for 100 percent foreign ownership of projects in
pharmaceutical firm Ajanta Pharma has set up a joint venture in Jeddah
to produce a variety of prescription and over-the-counter medicines
for Saudi and Gulf markets.
Joint Commission will hold its next session in Riyadh in the near
future, Ahmad said. A meeting of the Saudi-Indian Joint Business
Council will also be held along with the joint commission meeting.
ambassador announced that negotiations for a Bilateral Investment
Protection and Promotion Agreement between the two countries were at
an advanced stage. A proposal for a Double Taxation Avoidance
Agreement was also under active consideration, he added.