PM-SAUDI 3 LAST

Besides the travellers, Saudi hosts around 1.5 million
Indians as workers. Their remittances are to the tune of five
billion dollars.

The Saudi envoy said the relations had got a significant
momentum after the King's visit here in 2006 when the two
countries signed a Joint Declaration, which is rare for Saudi
Arabia as it usually inks only agreements.
Energy sector has witnessed the massive rise, with Saudi
exports jumping from USD 500 million in 2006 to USD 23 billion
in 2008.
"Prior to 2006, we hardly had any energy export to India.
But by 2008, we became number one source of crude oil for
India," Trad said. Earlier, UAE was the largest exporter of
crude to India.
He said discussions are underway for joint investments by
Indian and Saudi Arabian companies in energy sector.
There is also a proposal for setting up an office Saudi
petroleum giant Aramco in India to push cooperation in energy
sector.
The Ambassador invited Indian investments as he noted that
Saudi Arabia was working on reducing dependence on hydrocarbon
sector, which accounts for 60-65 per cent of revenues, by
developing other resources.
Saudi Arabia has unveiled a National Industrial Strategy
2020 under which six Economic Cities would be developed across
the country. Work has already started on four of them.
In this regard, he said Indian investors have
opportunities. This issue will be discussed during the meeting
between Indian chambers of commerce and their counterparts
from Saudi Arabia as part of India-Arab League business
conference to be held here on February 8-9. PTI AKK
RBT


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