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Saudi Arabia offers incentives to Indian pharma industry
Wednesday May 09, 2012 05:10:24 PM,
IANS
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New Delhi: A high-level
parliamentary delegation from Saudi Arabia currently on a visit to
India Wednesday met Vice President Hamid Ansari and Health
Minister Ghulam Nabi Azad and discussed trade and collaborative
ties, particularly in the pharmaceutical sector and sought a
"base" for it in their country to make "affordable medicines".
The delegation led by Sheikh Abdullah Al-Sheikh, speaker of the
Majlis Ash Shura (Consultative Council) of Saudi Arabia, called on Azad to share Indian experience and innovations in health care
services.
The delegation that arrived here Monday for a three-day visit also
discussed ways to expand ties in the health sector.
Sheikh told Azad his country that imports about $5 billion worth
of pharmaceuticals was keen "to extend the incentives given by
their government to the Indian pharma industry and set up base in
Saudi Arabia with the objective of producing affordable medicines
to meet local and regional needs", according to a statement from
the health ministry.
They met the vice president at his residence.
Ansari, who is also the chairman of the Rajya Sabha, the upper
house of Indian parliament and has served as the Indian ambassador
to Saudi Arabia when he was in the foreign service, hosted a lunch
for the guests as the two sides compared different parliamentary
practices and pledged to make India-Saudi ties stronger.
The trade ties between the two nations has seen three-fold
increase in the last five years with Saudi Arabia being the fourth
largest trade partner of India. Bilateral trade between the two
countries was $25 billion in 2010-11.
The import of crude oil by India forms a major component of
bilateral trade with Saudi Arabia being India's largest supplier
of crude oil. Almost one-fifth of India's crude oil needs are
fulfilled by Saudi Arabia.
Besides, Saudi Arabia is home to almost 1.8 million-strong Indians
- the largest expatriate community in the kingdom - including a
huge number of doctors and nurses.
The delegation Tuesday met Prime Minister Manmohan Singh and Lok
Sabha speaker Meira Kumar in Parliament House. Meira Kumar took
them around parliament and explained them the functioning of
Indian legislatures.
They also met Rajya Sabha Deputy Chairman Rajya Sabha and
opposition leader Nejma Heptullah of the Bharatiya Janata Party (BJP).
Earlier they met Minister of State for External Affairs E. Ahamed
and his ministerial colleague Preneet Kaur.
Manmohan Singh visited the Shura Consultative Council in 2010 and
addressed it.
During the prime minister's visit, India and Saudi Arabia signed 10
bilateral agreements and issued a Riyadh Declaration for deepening
their relationship.
The delegation returns to Riyadh Thursday.
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