India’s Government has reached out to Saudi Arabian businesses in a bid to attract more investment to the economy. The petrochemical sector is at the fore of this action.
Finance minister P Chidambaram has urged Saudi businesses to invest more in India, especially in sectors such as petrochemicals and infrastructure, so as to double trade between the two countries over the next five years.
Trade between India and Saudi Arabia touched $ 43 billion in FY13, while between April and October 2014, it stood at $ 29 billion, marking a 14 per cent increase over a year ago.
Citing opportunities in India, Chidambaram said Saudi businessmen can look for investment in projects like Delhi Mumbai Industrial Corridor (DMIC); OPaL Petrochemical Complex, Gujarat; petrochemical complex at Mangalore; IOCL’s LNG project in Tamil Nadu; Paradip Refinery of IOCL and Kochi Petrochemical Project of BPCL.
The issue was taken up during the two-day visit of the finance minister to Saudi Arabia when he met with Saudi businessmen at the Council of Saudi Chambers of Commerce and Industry, according to an official release. To explore investment opportunities, a major business delegation from the Council of Saudi Chambers would accompany Salman bin Abdulaziz Al Saud, the crown prince of Saudi Arabia and the Deputy Prime Minister and defence minister during his visit to India in February.
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