The Saudi-Indian Joint Commission began its 6th session today at Conferences' Palace in Riyadh under the co-chairmanship of Saudi Minister of Economy and Planning Khalid Al-Qusaibi and Indian Minister of Finance P. Chidambaram. In an address at the opening session, Al-Qusaibi welcomed the Indian Finance Minister and his accompanying delegation. He said the volume of average commercial exchange between the two countries during 1998 to 2002 was SR 14 billion and in 2003, it was SR 25 billion. He pointed out that India is the fourth largest importing country of the Kingdom and the ninth largest exporter to Saudi Arabia. Al-Qusaibi called on Indian businessmen to invest in the Kingdom due to the facilities extended by the government to the foreign investors. He also confirmed that the Kingdom is now earning the fruit of the economic reforms and its gross domestic product reached SR 713 billion in 2003 registering 5.7 percent growth rate. On the other hand, Chidambaram delivered a speech in which he praised the developing cooperation between the two countries in various fields. He hoped for reaching joint agreements in order to develop commercial cooperation in the near future. The participants of the session, then, were briefed by the Secretary General of the Council of Saudi Chambers of Commerce and Industry Dr. Fahd Al-Sultan on the development and performance of the Saudi economy.
