The Council of Saudi Chambers and leaders in the Saudi business and economy sectors are looking forward to hosting a visit Sunday from India Prime Minister Narendra Modi, as the meeting will improve the investment and bilateral trade relations between Saudi Arabia and India.
Economic relations is crucial to both countries because India depends on Saudi Arabia for more than 20 percent of its national oil imports.
Bilateral trade between the two nations includes pharmaceutical products, consulting services, IT and construction It is important that the two nations continue their relations, as they are important in the global economy.
Most recently, Saudi’s economy has had significant structural transformations, including regulations, laws and policies that apply to business. These changes have helped the nation become 25th in the world for its investment competitiveness in 2015 and 2016. In addition, it has accepted an open economic system with World Trade Organization memberships in 2005, so now it is one of the world's 20 biggest economies.
India has also seen a significant amount of growth, with annual economic increases surpassing 8 percent. The nation has a diverse economic base that places it fifth in the world from its domestic product. It has recently achieved new policies for privatization, liberalization and globalization, which has helped to further create an advanced education system with training programs.