A delegation of the Saudi-India Business Network (SIBN) which called on the Minister of State for Commerce and Industry Dr. S Jagathrakshakan in New Delhi today, showed keen interest on investing in India and forming joint ventures with Indian companies.
The 15 member ISBN delegation was led by its President Dr. Ghazi Binzagar. The Saudi delegation showed particular interest in petroleum, petrochemicals, fertilizers, infrastructure, food processing, health care, herbal and medicinal sectors.
Addressing the delegation, Dr Jagathrakshakan detailed the vast investment potential available in India following the spate of new initiatives and liberalization. He said the proposed USD 750 million Saudi - Indo Investment Fund, jointly set up by the Public Investment Fund of Saudi Arabia and the Infrastructure Development Finance Corporation (IDFC) will start in the near future.
The fund focuses on channelizing Saudi investments into Indian infrastructure projects.
The Minister called upon the delegation to utilize the services of 'India Invest' a joint venture special purpose vehicle of the Department of Industrial Policy and Promotion with FICCI and the State governments.
'Invest India' gives a fillip to investment promotion and handholding services to foreign investors particularly to the Small and Marginal Enterprises (SMEs) and family owned overseas enterprises in a structured manner.
Dr. Jagathrakshakan also invited the Saudi business community to participate in the oncoming 4th GCC-India Industrial Conference (IGIC) to be held in Jeddah, Saudi Arabia from 19th to 21st February 2013. (ANI)