Indian Ambassador Hamid Ali Rao sees growing potential for business ventures between Saudi Arabia and India as the strategic partnership between the two countries strengthens.

Speaking during the annual day function of Indian Engineering Forum (IEF) held recently here in Jeddah, Ambassador Rao said "Saudi-Indian relations have greatly developed following the visit of Custodian of the Two Holy Mosques King Abdullah to India in 2006. The return visit of Indian Prime Minister Dr. Manmohan Singh to Saudi Arabia in 2010 gave bilateral ties a further boost."

Rao added "the new declaration between the two countries has elevated the bilateral relationship to the level of strategic partnership in politics, economics, culture, and security aspects."

He pointed out that there are already 350 Indian projects in Saudi Arabia, with a total worth of $ 1.6 billion, covering various fields such as construction, management, telecommunication and information technology.

Saudi Arabia is the largest oil supplier to India with bilateral trade exceeding $ 25 billion. The Saudi leadership greatly appreciates the contribution of Indian workers in the Kingdom, Rao said, noting that Saudi Arabia has two million Indian expatriates, the largest Indian community in the world.

The latest in bilateral business growth is the move by Construction Products Company (CPC) to expand its footprint in India by developing an Industrial Park in partnership with IL&FS Engineering & Construction Company (IECC), formerly known as Maytas.

The Industrial Park is the biggest venture yet by CPC in India, where its operations have so far been mainly building factories. Based in Jeddah with branch facilities in Riyadh, Dammam, Abu Dhabi, Damascus, Cairo, Doha, and Algeria, the company is scouting for more investment opportunities in India, according to Dr. Faysal Alaquil, CPC’s Director of Business Development and Head of Corporate Social Responsibility.

Alaquil made the announcement as guest of honor during the annual day function of the Indian Engineering Forum (IEF), The theme of the occasion was "Value Engineering." Rao, Consul General Faiz Ahmed Kidwai, IEF President Mohammed Sayeeduddin, and a large number of IEF members, among others, attended.

Alaquil complimented Indian workers for CPC’s success. "CPC is very proud to have skilled Indian workers including engineers, technicians and administrators within its various companies," he said.

CPC maintains the highest international standards in the construction industry and is committed to professionalism and work ethics. It is a dynamic organization with rich global expertise in construction products, operating in tandem with Saudi Arabia’s national industrial strategy, serving an array of distinguished clients by manufacturing and installing industrial construction products for integrated construction projects such as towers, housing complexes, malls and integrated cities.

"India is a vital strategic economic partner of Saudi Arabia, and both countries have strong foreign investment potential", Alaquil noted.

He added "in addition, CPC-India is seeking to setup Green Field Building material factories in partnership with IL&FS India and are finalizing their business plan. CPC-India is studying and evaluating available acquisition opportunities in the Indian market, and are dealing with international experts for the acquisition advisory services.

Kidwai urged Indian workers to use their experience for the benefit of their country by exploring more opportunities with Saudi partners.