The Confederation of Indian Industry (CII) will open its first Middle East office in Bahrain to boost trade and investments in the region.
The move represents a further strengthening of relationship with India as there are over 350,000 Indian residents in the country and total trade between the two countries in 2011 exceeded US $1.7 billion, the Economic Development Board (EDB) of Bahrain has said.
The EDB also announced that it has signed an agreement with the Overseas Indian Facilitation Centre (OIFC) to work together in promoting cooperation between Bahrain and India in a variety of key areas, including financial services and research.
This brings the total agreements signed between Bahrain and India to 27 since early 2014, this includes agreements and MoUs to establish regional operations for Indian firms who works in various industries such as health and pharmaceuticals, manufacturing, technology and banking.
The Gulf Cooperation Council (GCC) is one of the most important trade and investment partners for the country and the CII's Bahrain office will aim to build on this relationship by encouraging Indian investment into the region, it added.
The CII is a leading association of domestic businesses, founded in 1895 and with more than 7,200 members and an indirect membership of over 100,000 enterprises from around 242 national and regional sectoral industry bodies.
The Ministry of trade and industry revealed that trade value between India and GCC states increased from US $147.5 million in 2012 to reach US $160 million in 2013, a statement released in Dubai said.
Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Bahrain EDB, said, "We are delighted to be hosting the CII in Bahrain - Indian firms have a great deal to offer the Kingdom, and the GCC market, which is currently valued at US $1.6 trillion, presents an excellent opportunity for Indian businesses. This new office will build on what are already strong ties between our countries and the CII are the ideal partner to be working with."
According to him, this announcement, along with the agreement signed with OIFC, shows the commitment toward Bahraini-Indian relationship.
Leading Indian companies with offices or facilities in Bahrain include: Tata Consultancy Services, Tech Mahindra, First Flight Couriers, KIMS, JBF Industries, Chemco, Canara Bank, ICICI Bank, Bank of Baroda, and State Bank of India.
The EDB India office - with a presence in both New Delhi and Mumbai- provides assistance to potential investors who are looking to invest in the Kingdom.
Prem Narain, Secretary of Ministry of Overseas Indian Affairs and Chairman of OIFC said, "We hope that Indians overseas and Bahrain nationals will both be able to take advantage of this opportunity. Presently, there is a renewed interest in India as market, and India is also ready for investment.
"With the objective of strengthening India as the destination for business, OIFC has mounted a strong business delegation on the occasion of the Overseas Diaspora Engagement Meet and has signed an MoU with the EDB today with the hope that this will further bi-lateral interests and promote business interests in both nations."
Chandrajit Banerjee, Director General of CII, said, "The Gulf is a very important partner for Indian businesses and we are delighted to be opening our first office in the region as we look to work for Indian Corporates as they look to expand internationally. Similarly, it would also facilitate promote investment from this region to India."
The opening of the first office in the region is yet another step in developing a longstanding partnership with Bahrain and the region, he said adding, "we are very excited about the possibilities this will bring in the future." Source:http://businesstoday.intoday.in/
The move represents a further strengthening of relationship with India as there are over 350,000 Indian residents in the country and total trade between the two countries in 2011 exceeded US $1.7 billion, the Economic Development Board (EDB) of Bahrain has said.
The EDB also announced that it has signed an agreement with the Overseas Indian Facilitation Centre (OIFC) to work together in promoting cooperation between Bahrain and India in a variety of key areas, including financial services and research.
This brings the total agreements signed between Bahrain and India to 27 since early 2014, this includes agreements and MoUs to establish regional operations for Indian firms who works in various industries such as health and pharmaceuticals, manufacturing, technology and banking.
The Gulf Cooperation Council (GCC) is one of the most important trade and investment partners for the country and the CII's Bahrain office will aim to build on this relationship by encouraging Indian investment into the region, it added.
The CII is a leading association of domestic businesses, founded in 1895 and with more than 7,200 members and an indirect membership of over 100,000 enterprises from around 242 national and regional sectoral industry bodies.
The Ministry of trade and industry revealed that trade value between India and GCC states increased from US $147.5 million in 2012 to reach US $160 million in 2013, a statement released in Dubai said.
Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Bahrain EDB, said, "We are delighted to be hosting the CII in Bahrain - Indian firms have a great deal to offer the Kingdom, and the GCC market, which is currently valued at US $1.6 trillion, presents an excellent opportunity for Indian businesses. This new office will build on what are already strong ties between our countries and the CII are the ideal partner to be working with."
According to him, this announcement, along with the agreement signed with OIFC, shows the commitment toward Bahraini-Indian relationship.
Leading Indian companies with offices or facilities in Bahrain include: Tata Consultancy Services, Tech Mahindra, First Flight Couriers, KIMS, JBF Industries, Chemco, Canara Bank, ICICI Bank, Bank of Baroda, and State Bank of India.
The EDB India office - with a presence in both New Delhi and Mumbai- provides assistance to potential investors who are looking to invest in the Kingdom.
Prem Narain, Secretary of Ministry of Overseas Indian Affairs and Chairman of OIFC said, "We hope that Indians overseas and Bahrain nationals will both be able to take advantage of this opportunity. Presently, there is a renewed interest in India as market, and India is also ready for investment.
"With the objective of strengthening India as the destination for business, OIFC has mounted a strong business delegation on the occasion of the Overseas Diaspora Engagement Meet and has signed an MoU with the EDB today with the hope that this will further bi-lateral interests and promote business interests in both nations."
Chandrajit Banerjee, Director General of CII, said, "The Gulf is a very important partner for Indian businesses and we are delighted to be opening our first office in the region as we look to work for Indian Corporates as they look to expand internationally. Similarly, it would also facilitate promote investment from this region to India."
The opening of the first office in the region is yet another step in developing a longstanding partnership with Bahrain and the region, he said adding, "we are very excited about the possibilities this will bring in the future." Source:http://businesstoday.intoday.in/
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