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 USD 1.7 billion, the Economic Development Board (EDB) of Bahrain has said.
The Gulf Cooperation Council (GCC) is one of India's most important trade and investment partners 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 India's leading business organisation, 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 Indian Ministry of trade and industry revealed that trade value between India and GCC states increased from USD 147.5 million in 2012 to reach USD 160 million in 2013, a statement released here 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.
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 USD 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.
