Indo-Saudi trade touches $ 10 bln in 2006

New Delhi, Jan 16 (UNI) The Indo-Saudi trade turnover has touched an all time high of 10 billion dollars in the year 2006, thanks to King Abdullah's visit here in March last that galvanised politicalo and economic relations between the two countries.

Briefing newsmen here, Saudi Ambassador to India Saleh Mohammed Al Ghammadi said the trade ties are expected to witness sharp increase in the coming years.

The Indo-Saudi Joint Commission will begin its three-day session here from tomorrow to suggest and recommend ways and means to give required boost to the relations in all its spheres.

The Joint Commission meeting will be co-chaired by Finance Minister P Chidambaram and Saudi Commerce Minister Hashim Abdullah.

The Saudi Minister, who arrived here today, is accompanied by a high level delegation, comprising officials of various ministeries.

The Ambassador further stated that even Indian investment in his country had gone up in the past two years. This was possible due to liberal visa policy adopted by his government for the Indian investors, who have so far set up 157 industrial units in service, communication and agriculture sectors.

The Indian businessmen have also made investment to the tune of 1.2 billion dollars in the kingdom.

Mr Ghammadi said avoidance of double taxation and investment protection agreements had created conductive climate for the companies to invest in various areas.

He also praised the role of Indian expatriates in the development of the Saudi Kingdom, stating they had rendered valuable service there. The expatriates also remitted billion of dollars.

He said that over 500 Saudi students will come here this year for seeking admission in Information Technology, Engineering and medical courses.

UNI