JEDDAH — It's time the Saudi private sector should take steps to further deepen the existing trade ties between Saudi Arabia and India, said eminent businessman Dr. Ghazi Binzagar, who recently led a 15-member business delegation to India. There are so many areas to expand commercial relations, he said at a press conference here Monday. He said that sectors like real estate, IT, textile, food, etc. were worth exploring. Saudi Arabia is the 46th largest investor in India with a total of $33.81 million investments between 2000 and 2012. Presently Saudi owned companies in India are involved in paper manufacture, chemicals, computer software, granite processing, industrial products and machinery, cement, metallurgical industries, etc. Dr. Binzagar described the visit to New Delhi, Bangalore and Mumbai last month by the members of Saudi-Indian Business Network (SIBN) as fruitful. They met a cross-section of Indian business and political leaders and got a first-hand experience of Indian social condition post-liberalization. Dr. Faisal Alaquil, CPC Director of Business Development and Head of CSR and part of the trade delegation, announced the establishment of a limited liability company, CPC India for Industrial Development. The new company, registered in Mumbai, will develop industrial parks, set up greenfield building materials factories and acquire existing building material factories to increase production line. CPC, which is an industrial arm of Saudi Binladin Group, has formed a joint venture with IL&FS India, a large Indian company, he said. India has become the global hub of business, said Shahnaz Sait, Chairperson of Eve Group. She said that she has already contacted four garment manufacturing companies to supply the Saudi and the Gulf markets. Indian Consul General Faiz Ahmad Kidwai, who played an important role in facilitating the SIBN visit to India, said that the purpose was to bring India closer to Saudis. It was a trade delegation but business was not the only focus of the team, he said.
