India and Saudi Arabia on 24 July 2013 have decided to set up a Saudi-India Business Network (SIBN) separately in Riyadh and Dammam.
SIBN would act as a catalyst to promote India-Saudi bilateral commerce and trade relations, investment, Business-to-Business interactions and exchanges.
The proposed network would comprise of both Indian and Saudi businessmen, entrepreneurs, industrialists and members of business Chambers.
Membership of SIBN would be open to all Indian and Saudi businessmen and entrepreneurs. Indian and Saudi companies recruiting Indians were also invited to join the Saudi-India Business Network.
India-Saudi Arabia Trade Relations
Saudi Arabia is the 4th largest trade partner of India and the bilateral trade stood at 43.19 billion dollars in 2012-13.
Saudi Arabia is India’s largest supplier of crude oil, accounting for 17 percent of India’s requirements. It is also one of the major markets for Indian exports and the destination for more than 1.86 percent of India’s global exports.
For Saudi Arabia, India is the 5th largest market for its exports, accounting for 7.55 percent of its global exports.
Both the countries of India and Saudi Arabia have an established framework of cooperation which includes Joint Commission Meetings (JCM), India-Saudi Business Council.
Several Indian companies are collaborating with the Saudi companies in the areas of designing, consultancy, financial services and software development. Saudi Arabia is also emerging as a big investor in India.
Where: in Riyadh and Dammam
When: 24 July 2013