India and Saudi Arabia would now issue multiple-entry visas to businessmen in an effort to overcome regulatory hurdles blocking the growth of two-way trade.
A decision to this effect was taken at the Indo-Saudi Joint Commission meeting attended by Finance Minister Pranab Mukherjee and the Saudi minister of Commerce and Industry, Abdullah Zainal Alireza, in Riyadh.
“This was a major impediment. Every time we wanted to come to Saudi Arabia to do business our people had visa issues; likewise, Saudi businessmen had similar complaints. Now that has been resolved,” Sharad Nandurdikar of the Confederation of Indian Industry (CII) said.
Adnan A. Al-Nueim, secretary-general of the Asharqia Chamber, said Saudi Arabia’s trade ties with India are set to grow further with the reciprocal visits.
He said Saudi-Indian ties advanced after the 2006 visit of King Abdullah to India.
A 10-member delegation of Indian businessmen, which accompanied Mukherjee, also met key Saudi executives of the Eastern Province Chamber of Commerce and discussed taking the Indo-Saudi trade to the next level.
Nandurdikar said an important meeting is slated in Delhi early next year to address specific issues regarding processes and procedures affecting two-way trade.
For long, bilateral trade comprised Saudi Arabia selling oil and India sending labour.
The contours of this relationship have changed substantially over the last five years.
“We are participating in a big way in construction and building activity here and Saudi Arabia is investing in India substantially in some of the knowledge-based industries,” Nandurdikar said.
Al-Nueim said more than 200 Indian firms are now active in the Saudi market.
Saudi Arabia has also good investments in India.
Currently, there are around 50 Saudi-Indian joint ventures.
