Conditions 'ripe' for Saudi-India energy partnership: PM

V Mohan Narayan
Riyadh, Feb 28 (PTI) Opening India's doors to Saudi
entrepreneurs, Indian Prime Minister Manmohan Singh on Sunday
said the "conditions are ripe" for moving beyond a traditional
buyer- seller relationship to a comprehensive energy
partnership.

Singh, who is on a three-day visit to the oil-rich
kingdom, did some hard selling while addressing the
influential Saudi Chambers of Commerce and Industry here.
He invited Saudi businessmen to explore investment
opportunities in India, particularly in the areas of
construction, manufacturing, pharmaceuticals, health,
agriculture, energy, telecommunications, tourism and other
service sectors with an aim to substantially bolster bilateral
trade, which touched nearly USD 25 billion in 2008-09.
Indian investments into the kingdom stand at more than
USD two billion, covering over 500 joint ventures.
Several major Indian companies have already established
their presence in Saudi Arabia, Singh said, citing public
sector firm RITES, which recently won a contract in the
North-South Railways project.
"We deeply value Saudi Arabia's role as a reliable
partner in meeting our energy needs. We believe that
conditions are ripe for moving beyond a traditional
buyer-seller relationship to a comprehensive energy
partnership," said Singh, the first Indian Prime Minister to
visit the kingdom in 28 years. (MORE) PTI VMN

PRS


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