The role of emerging economies like
"The integration of our economies with the rest of the world has created new opportunities but also brought new challenges," the prime minister said Sunday while addressing the Council of Saudi Chambers of Commerce and Industry during the course of his historic visit to this affluent Gulf nation, one of the world's largest oil producers and home to Islam's holiest sites.
"The global financial crisis has thrown up a broad agenda for global action and reforms. The role of emerging economies such as
Stating that the robust growth of the economies of the two countries threw up immense opportunities for business communities from both sides, Manmohan Singh said Indian investments into the kingdom have risen considerably and today stood at more than $2 billion covering 500 joint ventures.
"Several major Indian companies have already established their presence in the kingdom. Our public sector company RITES has recently won a contract to participate in the North-South Railways project (in
The North-South Railway project is an ambitious plan to build a 2,200 km-long railway across some of the most inhospitable terrain in
Stating that
"I would specially refer to the construction, manufacturing, pharmaceuticals, health, agriculture, energy, telecommunications, biotechnology, tourism and other service sectors," the prime minister said.
From
"Education and skill development are of primary importance to both our countries.
"
As for energy cooperation, he said that conditions were ripe for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership.
"Indian companies are well equipped to participate in upstream and downstream oil and gas sector projects in
Coming to the Indian economy, he said, despite the global financial crisis, "we hope to achieve a growth rate of over 7 percent in the current financial year".
"We expect to get back to the growth level of about 9 percent per annum within two years. Our domestic savings are high, and can support investment rates of as high as 38 percent of the gross domestic product," Manmohan Singh said.
The prime minister's speech came following a series of meetings between a high-level Indian business delegation accompanying the prime minister and Saudi investors and entrepreneurs.
Prior to the prime minister's address, Saudi and Indian businessmen participated in an open dialogue moderated by Fahd Al-Sultan, secretary general of the Council of Saudi Chambers of Commerce and Industry.
Stating that the Saudi private sector was keen to have economic ties with
IANS