SME Times News Bureau | 02 Nov, 2009
Taking forward their economic ties, India and Saudi Arabia have agreed to grant long-term, multiple entry visas to business persons to facilitate their frequent visits and decided to strengthen cooperation in fields like customs, science and technology and oil, gas and minerals.

The decision followed extensive discussions at the eighth session of the Indo-Saudi Joint Commission at the Riyadh Conference Palace on Saturday, during which Finance Minister Pranab Mukherjee led the Indian side while the kingdom's delegation was headed by its Commerce and Industry Minister Abdullah Zainal Alireza.

The new scheme, under which long-term, multiple entry visas would be granted to entrepreneurs, would facilitate frequent business visits from both sides and enhance bilateral economic and commercial exchanges, officials said.

The Indian and Saudi sides held talks on a plethora of issues ranging from economic and commercial exchanges, investment, security to labour, visas and community welfare.


The two sides also decided to cooperate in the fields of customs and oil, gas and minerals, apart from strengthening cooperation in the science and technology sector. New areas of cooperation such as engineering, agricultural and higher education were also discussed.

Both sides also agreed to set up a monitoring mechanism that would report to the respective co-chairs every six months on the progress in implementation of the recommendations made during the meeting.


India's exports to the kingdom increased from USD 1,835.78 million in 2005 to USD 2,630.47 million in 2006, registering an impressive growth rate of over 43 per cent which was the highest among the top 10 trading partners of Saudi Arabia.

India's imports from the kingdom also increased by over 20 per cent from USD 10,730 million in 2005 to USD 12,939 million in 2006.

India, which is the fifth largest market for Saudi goods, ranks 10th in the Saudi imports market list and is the source of around 3.09 per cent of the kingdom's total imports.

The Indian delegation also lauded the kingdom's decision of granting a license to the State Bank of India.

During the meeting, the Saudi-Indian Joint Fund, which was established between the General Investments Fund in the kingdom and the Infrastructure Financing and Development Institution in India with a capital of USD 750 million, also came up for discussion.