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Indian, Saudi firms sign deals for business, investments

New Delhi: Indian and Saudi companies signed four agreements on Thursday to jointly promote and facilitate investments and trade.

The representatives of Indian and Saudi companies signed the memorandums of understanding at India-Saudi Arabia Business Forum meeting here organised jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Council of Saudi Chambers.

Chairmen of Saudi Arabia’s Al-Qahtani Group Shaikh Abdul Aziz Al Qahtani and Indian firm SledgeHammer Oil Tools Pradeep Mohanty signed a joint venture agreement for setting up a plant for oil drilling products in Saudi Arabia.

Ali Abdulla Kanoo, regional director of Saudi Arabia’s Yusuf Bin Ahmed Kanoo Company and Vaishnav Puri, managing director, Seaworld Shiping and Logistics Private Limited signed a joint venture agreement to establish a Joint Logistic and Shipping Network.

KRBL Limited signed an agreement with Omar Ali Balsharaf Est to supply 165,000 tonnes of Basmati rice to the Gulf kingdom, while Al Rabiah & amp; Partners and India’s Novatech have singed deal for engineering, procurement and construction (EPC) business and supply of industrial equipments to the Saudi Arabian firm.

Indian tax laws matter of investor concern: Saudi minister

Saudi investors are concerned about capital gains and other taxation issues in India, the kingdom’s industry minister said Thursday urging Indian authorities to explore possibilities of easing the regulation.

“The issue of taxation of capital gains continues to be major impediment in promoting Saudi investment in India, and I call on the Indian authorities to explore relaxation of this issue,” Saudi Arabia Commerce and Industry Minister Tawfiq Fawzan Al Rabiah said while the Forum meeting.

The minister pointed out that the two countries have taken a number of steps to promote bilateral investments, but taxation issue remain one of the major hurdles. “We are aware that a series of steps are being undertaken to attract Saudi investment into India.”