Mohammed Alshoaiby Saudi Gazette RIYADH – The Indian Embassy launched the Saudi India Business Network (SIBN) Riyadh branch at an event here on Monday, with another branch to be launched in Dammam to promote trade, investments and commerce between the two nations. “Saudi Arabia has always been an economic powerhouse of Asia, and India, certainly, has emerged as a major economic player in the region,” said India's Ambassador to the Kingdom, Hamid Ali Rao. “Economic and commercial relations form an intrinsic part of the strategic partnership between our two countries. SIBN would provide a platform for businessmen, entrepreneurs and investors to interact and share ideas, and devise means for joint cooperation,” he noted. SIBN will act as a hub for both countries to facilitate interactions within their business communities, while establishing connections between key players, providing market information for businessmen and investors, creating partnerships and joint ventures, as well as having an active role in trade strategies, collaborations and consulting. Rao said SIBN was the result of continued collaboration between key players in both countries, particularly following visits between Custodian of the Two Holy Mosques King Abdullah and India's Prime Minister Dr. Manmohan Singh in 2006 and 2010, respectively. “(Both leaders) have identified sectors such as IT, space science, frontier technologies, life sciences ... by augmenting the flow of investments into each other's countries,” he added. On the benefits of investing in India, a presentation given by Minister and Deputy Chief of Mission Sibi George, estimated the value of two-way trade between the two countries at $43 billion. India's domestic economy has an average growth rate of six percent over the last twenty years, with a GDP growth of over five percent during the last two years, despite global economic slowdowns. India is the third largest economy in terms of GDP on PPP terms, said Rao. “By 2020, India's consumer spending is estimated to touch $3.6 trillion.” SIBN is open to investors and businessmen as of this publication, and further information is available at the Indian Embassy in Riyadh.
