Hassan Cheruppa

Saudi Gazette

 

JEDDAH – As Indian Prime Minister Narendra Modi on Thursday launched an ambitious “Make in India” campaign aimed at turning the country into a global manufacturing hub, several prominent Saudi and Indian figures simultaneously highlighted the Kingdom’s paramount role in achieving the objective.



Speakers, including B.S. Mubarak, Indian consul general, Khaled Almaeena, editor-at-large Saudi Gazette, and Mohammed Alungal, chairman and managing director of Al Abeer Medical Group, emphasized that India is one of the prime destinations for Saudi businessmen and investors.



An interactive session on “Make in India” campaign was organized by the Saudi Indian Business Network (SIBN) at the Indian consulate conference hall. SIBN aims to serve as a nodal for high level interaction between business communities of both the countries.



In his presentation on “India: The investment destination,” Mubarak described the session as a curtain-raiser of a series of planned initiatives to tap the optimum utilization of the huge potential of India and Saudi Arabia in their capacities as strategic natural partners.



“We are heavily interdependent, thanks to our neighborhood, strategic partnership, and dependence on fuel and natural resources as well as manpower resources. Being the third largest economy in terms of purchasing power parity, and more promising country pertaining to investment destination, investors’ confidence in India has been tremendously increased and we have to take full advantage of it,” he said.  



The new government in India, Mubarak said, is focusing more on infrastructure, manufacturing, energy, tourism development and business environment improvement. “We have launched a website called Make in India.com that actually covers almost 85 major investment sectors in which ample opportunities are available. Any queries made through the site will be answered within 72 hours,” he said, explaining the steps taken to simplify the procedures for investment. The consul general drew attention to the numerous investment opportunities laid open for investors. “There are smart cities in industrial corridors that provide ample investment opportunities. Hundreds of smart cities are springing up across the country. The new government has immensely increased percentage of foreign direct investment (FDI) in several sectors,” he said noting the percentage of FDI reached 100 in sectors like auto industry, pharmaceutical and construction.



Inviting Saudi investors to cash in on the red carpet laid out for them, Mubarak noted that labor laws have been relaxed and reformed besides simplifying online licensing procedures. “India is the fifth largest producer and consumer of energy globally and a major chunk of energy resources are being imported from the Kingdom. Cross investments could be boosted in petroleum, petrochemical and other industries,” he said, promising a human face with high tech mechanism for investors.



In his inspiring speech, Almaeena noted that with fast changes taking place in India has considerably changed the perception of Saudis about that country. “The new India about which Modi spoke today is within the radar of the new Saudi Arabia.”



Citing several examples showcasing the strong links that bind the Kingdom with India for centuries, Almaeena said: “I have been a great fan of India for many years for many reasons. The relationship between India and the Arabian Peninsula is very strong and Indians have immensely contributed to the development and progress of the Kingdom.” Referring to the historic relations between the two great nations, he noted that India is one of the first few countries that Custodian of the Two Holy Mosques King Abdullah visited after assuming power in 2005.



Inviting Saudis to invest in India, Almaeena said: "The economy of the largest democracy in the world is a vibrant one. There are so many nice places to visit in India. My niece told me the other day that she wanted to go to Kerala. When I inquired the reasons, she said that her friend, who wanted to treat her back pain, browsed the net to find out the facilities around the world and found Kerala as the best place."



Almaeena added, “India is closer to us, crime rate is less and places like Kerala are very friendly. We have to utilize the potential and vast opportunities in India in many sectors. We must realize how to use India for our benefit. Young Saudi men and women who are not editors or journalists are very quick in using social media. These people can have formal education in media in India,” he said, hoping that the planned Rs8 billion (SR500 million) Al-Abeer EduCity in Kerala would be a great step in boosting India-Saudi relations in medical education field. “It is extremely delightful to see that in Saudi Arabia, there are many enterprising people who are as equal to ambassadors of the country like Alungal, who are working behind the scene to realize the ambitious goals,” he added.  



Alungal, who is also vice president of SIBN and chairman of the EduCity, said that India has become a prime destination for foreign direct investment. “The Saudi-India relationship is becoming very dynamic and growing. SIBN can contribute tremendously to achieve our common goals. We need to work together with open hand. Support us so that we can contribute more,” the enterprising entrepreneur said.



Commending the new economic breakthrough for national growth envisioned by the prime minister, he said under Modi the country is now being seen as a great market with better prospects for foreign investments. “There is enough space for Indo-Saudi development. As the largest developing countries, our common interests far outweigh our differences. We have to rally together on a common path to achieve national growth and success,” he added.



Presentations were also made by Mohammed Khalid Idreis, general manager of United Carton Industry Company, on “investment in India,” Hana Abdulaziz Al-Marwan, on “experience of doing business in India”, Dr. Abdul Raheem Mohammed Moulana on “medical tourism,” Khaled S. Badawi, CEO Al-Abeer Aviation, on “Indian aviation industry” and Pranav Ganesh, consul (consular) on “business visa.” Nousheen Ahmed, head of the delegation division, international relations department at Jeddah Chamber of Commerce and Industry, also spoke. Earlier, Majeedul Hassan, general secretary of SIBN, welcomed the gathering while Mohammed Raghib Qureshi, consul commerce and head of chancery, proposed a vote of thanks.