The newly established Saudi-Indian Business Network (SIBN) has decided to institute a "Distinguished Friend of India Award" to the Saudi entrepreneur annually. The award will be presented to the Saudi businessman who excels in promoting business with India and mutual investments, according to Indian Consul General Dr. Ausaf Sayeed. The institution of the annual award and the establishment of a permanent exhibition showcasing Indian products and services are among the immediate plans of SIBN, which held recently its first annual general body meeting at Jeddah Trident, Arab News reported today. "The exhibition is meant to expose the strength of Indian industries to the Saudi business community," the consul general said. SIBN has also decided to develop a data bank on various Indian investment projects, Indian business houses active across the Kingdom, and liberalization of rules and regulations to promote and facilitate investment. The meeting formed an advisory council consisting of Saudi businessmen and selected members for sectoral committees. The committees include information technology, hydrocarbons, health and biotechnology, industrial equipments and machinery, infrastructure, education and training, hospitality and tourism, as well as banking, insurance and other services. Dr. Saud Saleh Islam, board member and director general of Yanbu Cement Company (YCC), who is also the executive member of SIBN, referred to the 25-year long "fruitful" business relationship between the YCC and the Associated Cement Company of India (ACC). R.K. Suri president, Yanbu operation, ACC, in his power point presentation brought out the salient features of business relationship between the two companies. The meeting noted that the recent visits of Prince Waleed bin Talal to India and that of India's Petroleum Minister Mani Shankar Iyer to the Kingdom, and the scheduled visit of India's Finance Minister P. Chidambaram on April 12-13 to attend the sixth Indo-Saudi Joint Commission meeting in Riyadh had created a conducive atmosphere for exploring newer opportunities for businesses, joint ventures and investments between the two countries. SIBN Vice President Hassan Ghias presented the draft constitution of the new body and General Secretary C.J. Shahjahan reviewed the progress of the organization since its launch last month.
