PM-BUSINESS 2

Singh said Indian companies are well-equipped to
participate in upstream and downstream oil and gas sector
projects in Saudi Arabia.

"We should also establish new partnerships in the area of
new and renewable energy through sharing of clean technologies
and joint collaborations," he said ahead of his talks with
King Abdullah bin Abdulaziz Al Saud.
Saudi Arabia is India's fourth largest trading partner
with two-way commerce being to the tune of about USD 25
billion.
Energy cooperation between the two countries has
witnessed a massive increase since King Abdullah's Delhi visit
in 2006, with Saudi exports jumping from USD 500 million that
year to USD 23 billion in 2008, surpassing Iran as the largest
supplier of crude oil to India.
Singh said India views its economic cooperation with
Saudi Arabia in the wider context of its interactions with the
entire Gulf region with which the country shares deep and
historical ties.
"The Gulf countries are our natural partners in every
sense of the term. Indians are the largest expatriate
community in every country of the Gulf Cooperation Council.
Our businesses should work together across the region, develop
cross-country linkages and leverage economies of scale," he
said.
Saudi Arabia hosts around 1.8 million Indians as workers.
Their remittances are to the tune of USD five billion
annually. (MORE) PTI VMN
PRS


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