Faisal Bin Hassan Trad, Saudi Ambassador to India, has commended the positive developments of Saudi-Indian relations, particularly after the visit paid to India in 2006 by King Abdullah, Custodian of the Two Holy Mosques. Delivering a speech at the Indo-Arab and Indo-Gulf Conference organized by the Indian Federation of Chambers of Commerce and Industry in the north Indian city of Chandigarh, the ambassador pointed out that the volume of trade exchange between Saudi Arabia and India increased from $4.25 billion to $27.5 billion, about 600 percent, during the period from 2000 to 2008. The Saudi Ambassador noted that India ranked sixth on the list of top ten countries exporting to Saudi Arabia and fifth on the list of states importing from Saudi Arabia in 2008, adding that Saudi Arabia has become India's main provider of energy. Ambassador Trad talked about the positive investment environment in Saudi Arabia and the great investment opportunities during the next 20 years, calling on Indian businessmen to take advantage of investment opportunities offered by the new economic cities within the flexible system of investment which allows foreign investment up to 100 percent. The ambassador emphasized the importance of Arab-Indian relations in general and of the Indo-Gulf and Indo-Saudi partnership in particular, indicating that Arab-Indian trade stands at nearly 20 percent of the total volume of India's trade exchange with other countries. The Gulf Cooperation Council (GCC) states account for about 16 percent of the total trade.
