Seeking more investments from Saudi Arabia, India has held a seminar in Jeddah, highlighting its reformed taxation system and opportunities for foreign investors.
The seminar on opportunities for 'Foreign direct investment in India' and 'Taxation in India' was organised by the Consulate General of India, in association with the Jeddah Chamber of Commerce and industry (JCCI).
A lecture on FDI showcased the strengths of the Indian economy while the taxation regime presentation talked about taxation structure on which the earning of investment depends.
"Our bilateral trade has reached USD 43.7 billion in the last financial year, but the level of investment on both sides however is still is very low. The Indian investments in Saudi Arabia till this date amount to about USD 1.6 billion and some other large investments are in the pipeline. Saudi investments in India are about USD 228 million as of last year," Consul General of India in Jeddah Faiz Ahmad Kidwai said.
Kidwai highlighted some of the specific Indian projects that could be of interest to Saudi investors and also said that the Indian taxation system has undergone tremendous reforms, the Saudi Gazette reported.
Madan Kumar Girdayal, Commercial Consul in the consulate, highlighted the features of Indian economy, most attractive characteristics of Indian market, FDI regime and annual results of different companies.
