Monday, April 11 2005 15:05 Hrs (IST) - World Time -

New Delhi: India today (Apr 11, 2005) termed Saudi Arabia as an important trading partner and expressed willingness to strengthen economic ties, especially in energy, aviation, pharma and banking sectors.

Finance Minister P Chidambaram, who left for Dubai enroute to Saudi Arabia for a two-day visit, said the country's largest State Bank of India was interested in opening a branch in Jeddah.

Ahead of the meeting of Indo-Saudi Joint Commission in Riyadh tomorrow (Apr 12, 2005), the Finance Minister told Arab News that "economic cooperation is a core part of our foreign policy and we regard Saudi Arabia as an important trading partner," and as an important source of oil and destination for exports.

"The last Indo-Saudi Joint Commission meeting was held in New Delhi in 1997 when I was the Finance Minister. There has been an eight year gap, which is unfortunate," Chidambaram said, adding India was keen to expand exports of marine, pharmaceutical and agricultural products.

"We are keen to sign agreements on air transport between Saudi Arabia and India," he said, adding that in the country's economic pursuit, "We shall remain engaged with all nations, small or big."

Chidambaram is likely to sign a Bilateral Investment Promotion and Protection Agreement and an accord on avoidance of double-taxation during his visit to Saudi Arabia.

The meeting is also expected to cover potential areas of cooperation like hydrocarbon sector, tourism-infrastructure, biotechnology and higher education.