India is ready for more investment in the Kingdom's construction industry, an Indian diplomat said. “India has now built strong capability to partner with Saudi Arabia in its booming construction and infrastructure targets, including the mega projects,” said Rajeev Shahare, Minister and Deputy Chief of Mission at the Indian Embassy in Riyadh. He was speaking here at the opening of an Indian catalogue exposition by 150 leading Indian companies, including specialists in the construction industry, information technology, agro-industries, tourism, and infrastructure development. Shahare expressed Indian interest in the Eastern Province where he said Indian companies can provide construction equipment, cement, earth moving vehicle, and undertake development projects. “We are seriously looking to expand our investments here,” he said. “The number of Indian companies willing to invest in the Kingdom is increasing. Saudi Arabian General Investment Authority (SAGIA) has issued over 80 licenses for joint venture projects in the Kingdom during the last two years. Estimated amount of these foreign direct investments is over $470 million. Two-way trade between the two countries rose to the $16 billion mark in 2007, according to Shahare. Of this volume, Saudi exports were valued $13.5 billion, mostly oil and petrochemical products. __
