Rabiah, chairman, Council of Saudi Chambers, is leading a high-powered business delegation to India to participate in the India-Saudi Joint Business Conference. "A large delegation of 40 businessmen are visiting India seeking to strengthen their relations with Indian companies. At the India-Saudi JBC, organized by FICCI Wednesday, there will be business-to-business meetings between Saudi delegation and Indian companies," Saudi Ambassador to India Faisal H. Trad said. While trade remains the major focus between the two countries, Trad said there was an encouraging trend of investment flow between the two countries. "We do not want only Indian investment in Saudi Arabia but also want to ensure reverse flow of investment. More importantly, we want Saudi investment in India to multiply in all sectors whether industry, mining or energy." India is Saudi Arabia's fourth largest trading partner and sources about 26 percent of its total crude oil requirement from the Kingdom. Both the countries are exploring opportunities for collaboration in the oil and petrochemical sector. India-Saudi Arabia bilateral trade increased to $21 billion in 2009-10 from $3.44 billion in 2005-06. India's exports to Saudi Arabia increased to $3.90 billion in 2009-10 from $1.80 billion in 2005-06. Major items of Indian exports to Saudi Arabia are petroleum products, basmati rice, non-ferrous metals, machinery and instruments, dyes/intermediary and coal tar chemicals. India's oil and oil-related imports from Saudi Arabia surged to $17.09 billion in 2009-10 from $1.63 billion in 2005-06. Main items of imports are petroleum products, organic chemicals, artificial resin, plastic and materials.
