Opening India's doors to Saudi entrepreneurs, Prime Minister Manmohan Singh on Sunday said the "conditions are ripe" for moving beyond a traditional buyer- seller relationship to a comprehensive energy partnership.
Singh, who is on a three-day visit to the oil-rich kingdom, did some hard selling while addressing the influential Saudi Chambers of Commerce and Industry in Riyadh.
He invited Saudi businessmen to explore investment opportunities in India, particularly in the areas of construction, manufacturing, pharmaceuticals, health, agriculture, energy, telecommunications, tourism and other service sectors with an aim to substantially bolster bilateral trade, which touched nearly $ 25 billion in 2008-09.
Indian investments into the kingdom stand at more than $ two billion, covering over 500 joint ventures.
Several major Indian companies have already established their presence in Saudi Arabia, Singh said, citing public sector firm RITES, which recently won a contract in the North-South Railways project.
"We deeply value Saudi Arabia's role as a reliable partner in meeting our energy needs. We believe that conditions are ripe for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership," said Singh, the first Indian Prime Minister to visit the kingdom in 28 years.
Singh said Indian companies are well-equipped to participate in upstream and downstream oil and gas sector projects in Saudi Arabia.
"We should also establish new partnerships in the area of new and renewable energy through sharing of clean technologies and joint collaborations," he said ahead of his talks with King Abdullah bin Abdulaziz Al Saud.
Saudi Arabia is India's fourth largest trading partner with two-way commerce being to the tune of about USD 25 billion.
Energy cooperation between the two countries has witnessed a massive increase since King Abdullah's Delhi visit in 2006, with Saudi exports jumping from USD 500 million that year to USD 23 billion in 2008, surpassing Iran as the largest supplier of crude oil to India.
Singh said India views its economic cooperation with Saudi Arabia in the wider context of its interactions with the entire Gulf region with which the country shares deep and historical ties.
"The Gulf countries are our natural partners in every sense of the term. Indians are the largest expatriate community in every country of the Gulf Cooperation Council. Our businesses should work together across the region, develop cross-country linkages and leverage economies of scale," he said.
Saudi Arabia hosts around 1.8 million Indians as workers. Their remittances are to the tune of USD five billion annually.
Describing King Abdullah's January 2006 visit to India as a "defining moment" in bilateral ties, Singh said the landmark Delhi Declaration signed by them identified higher flows of trade and investment, better connectivity and exchange of ideas as the central pillars of their joint vision for an enhanced economic partnership.
"I look forward to my dialogue ... with His Majesty to carry forward the momentum and take the entire gamut of our relations to even greater heights. I believe this is not only eminently possible, but also necessary," he said.
Singh expressed confidence that interactions between the businesses of the two sides will bring "vitality and dynamism" to bilateral economic cooperation.
"India sees Saudi Arabia as a strategic partner for promoting peace, stability and economic development. Such a partnership will bring benefits not only to our two countries but to the region we both belong to, and to the world at large," he said.
The Prime Minister said the two sides should also look at new areas of cooperation like education and skill development, which are of primary importance to both countries.
"India has a proven track record in the field of knowledge-based industries ... India would be happy to share her experience with Saudi Arabia in the area of human resources development," Singh said.
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