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11th India-Saudi Arabia Joint Commission Meeting
Jun 02, 2015

India-Saudi Arabia Joint Commission focuses on enhancing the bilateral cooperation, knowledge exchange and economic ties between the two countries. The two-day meeting of 11th India-Saudi Arabia Joint Commission was held in New Delhi recently. The meeting was co-chaired by the Union Finance Minister Arun Jaitely and Dr. Tawfiq Fawzan Al Rabiah, Minister of Commerce and Industry, Kingdom of Saudi Arabia.

  • A wide range of issues, including cooperation in trade and commerce, higher education, health, communication, culture and IT were discussed.

  • Both sides acknowledged the need to explore investment opportunities in both countries.

  • Both sides reaffirmed the long-standing ties between the two countries and progress that the Joint Commission has been making in enhancing bilateral cooperation, knowledge exchange and economic ties.

  • India and Saudi Arabia agreed to continue discussions on setting up a joint investment fund, including the Saudi request to consider a favourable tax treatment for such a fund.

  • The directors of 14 different government departments from Saudi Arabia were part of the delegation.

  • Representatives of 22 Indian Ministries including Ministry of External Affairs were also present on this occasion.

  • India’s bilateral trade of $48 billion was slightly declined last year for the obvious reason of falling oil prices.

  • Saudi Arabia is the largest source of crude oil for India, accounting for one-fifths of the country's need.

  • India stressed a need of to expand the relationship in the non-oil sectors.

  • The Saudi-Indian joint ventures in Saudi Arabia have reached the figure of 231, for a total capital investment of $630 million.

  • Signing of the Riyadh Declaration in 2010 raised the level of interaction to a strategic partnership involving the political, economy, security and defence areas.

  • Saudi Arabia is also home to over three millions Indians, including a growing number of professionals, and is one of the largest Indian diaspora in the world.

  • The previous joint commission meeting was held in Riyadh in January 2014.

  • The next meeting would be held in 2016 in Saudi Arabia.


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