Saudi Arabia seeks India's cooperation in diversifying economy
New Delhi, Nov 25 (PTI) Describing Saudi Indian partnership as "strategic" and "solid", Commerce and Industry Minister of Saudi Arabia Abdullah A Z Alireza today sought India''s collaboration for building a knowledge-based economy in his country.
As the oil-rich country moves away from "being a gas station of the world" towards a "sophisticated laboratory of excellence, innovation and knowledge", Saudi Arabia is looking for enhanced partnership with India, he said at a Ficci function here.
Referring to the "landmark" visit of King Abdullah to India in 2006 and a return visit of Prime Minister Manmohan Singh to Saudi Arabia recently, Alireza said that the Saudi- India strategic partnership "will overcome any challenge".
Between 2000 and 2008, Saudi exports to India increased seven-fold, while imports from India increased six fold, he said.
During 2009-10, the bilateral trade between the two countries stood at about USD 21 billion.
He said, Saudi Arabia''s focus would be a knowledge-based economy with education being its core. "At this junction, a great opportunity exists to further institutionalise our collaborative effort so that both countries continue to mutually benefit". He said the collaborative efforts need to be institutionalised.
Alireza said, many countries in the world have succumbed to domestic pressures and resorted to protective trade measures.
"These have been fundamentally inhibiting to free trade and we should not allow the decline of international trade to propel us toward protectionism. Any precipitous short-term actions will have long-term consequences," he said.
S Arabia seeks India''s cooperation in diversifying economy - Business News - News - MSN India
New Delhi, Nov 25 (PTI) Describing Saudi Indian partnership as "strategic" and "solid", Commerce and Industry Minister of Saudi Arabia Abdullah A Z Alireza today sought India''s collaboration for building a knowledge-based economy in his country.
As the oil-rich country moves away from "being a gas station of the world" towards a "sophisticated laboratory of excellence, innovation and knowledge", Saudi Arabia is looking for enhanced partnership with India, he said at a Ficci function here.
Referring to the "landmark" visit of King Abdullah to India in 2006 and a return visit of Prime Minister Manmohan Singh to Saudi Arabia recently, Alireza said that the Saudi- India strategic partnership "will overcome any challenge".
Between 2000 and 2008, Saudi exports to India increased seven-fold, while imports from India increased six fold, he said.
During 2009-10, the bilateral trade between the two countries stood at about USD 21 billion.
He said, Saudi Arabia''s focus would be a knowledge-based economy with education being its core. "At this junction, a great opportunity exists to further institutionalise our collaborative effort so that both countries continue to mutually benefit". He said the collaborative efforts need to be institutionalised.
Alireza said, many countries in the world have succumbed to domestic pressures and resorted to protective trade measures.
"These have been fundamentally inhibiting to free trade and we should not allow the decline of international trade to propel us toward protectionism. Any precipitous short-term actions will have long-term consequences," he said.
S Arabia seeks India''s cooperation in diversifying economy - Business News - News - MSN India
