India and Saudi Arabia have decided to enhance their bilateral trade and economic co-operation. Both the countries have urged the public and private sectors to build strong partnerships in different fields.The 10th India-Saudi Arabia Joint Commission met in Riyadh during January 27-28 under the chairmanship of the finance minister P. Chidambaram and his Saudi counterpart.The JCM agreed on several measures to give a boost to the ties. Both sides also reviewed progress made in the India – Saudi Strategic Partnership which called for deeper engagement in political, economic, security and defence sectors.Our West Asia correspondent reports that Finance Minister P. Chidambaram said that India-Saudi Arabia bilateral trade stands at $43 billion and the target is to double it over the next five years. He met the captains of industry in Saudi Arabia and urged them to invest in India in projects such as Delhi Mumbai Industrial Corridor and the petrochemical and refinery sector projects. It was decided at the JCM to form a Joint technical team to promote cooperation in the field of oil, gas and minerals. The JCM called for the participation of Indian pharmaceutical firms in Saudi Arabia and finding the ways to make Indian companies eligible for Saudi projects.An India Saudi Investment Fund will be set up in a time bound manner. Enhanced cooperation in all security fields and exchange of information, especially in organized crimes, money laundering and drug smuggling have been agreed to.India offered its expertise in Development of IT Parks; Development of Telemedicine network and the promotion of Indian ICT products and services.