2004 News Story

Proposed Saudi-Indian joint venture in manufacture of woolen goods

Proposals for a joint venture in the manufacture of woolen products and knitwear were discussed yesterday by the Jeddah Chamber of Commerce and Industry (JCCI) and a visiting seven-member trade mission from the Republic of India. Although their main objective is to expand Indian exports to the Kingdom, the mission took the opportunity of exploring the possibility of starting up a processing unit to utilize the availability of both wool and acrylic fiber, and to attract Saudi investment in manufacturing units in India, where there is cheap labor. The mission arrived in Jeddah on Tuesday on a four-day visit after spending three days in Riyadh.

The value of wool and woolen goods imported from India has risen to U.S. $7 million this year, up 100 percent from last year, and with the potential of again doubling.