Bahrain delegation promotes opportunities for Indian business looking to access the $1.5 trillion Gulf market at CII Partnership Summit 2014 in Bangalore, India
Manama, Kingdom of Bahrain: The Bahrain business delegation completed several successful high level bilateral meetings and discussions at the Confederation of Indian Industry (CII) Partnership Summit: “Emerging Global Value Chains: Building Partnerships”, taking place at the Taj West End Hotel from 27-29 January.
The Bahrain delegation held high-level bilateral meetings to discuss trade and economic partnerships. This included meetings with: Anand Sharma, Minister of Commerce & Industry, India; S. Gopalakrishnan, President, CII; Siddaramaiah, Chief Minister of Karnataka, India; Y B Dato’ Sri Mustapa Bin Mohamed, Minister of International Trade and Industry, Malaysia; S Iswaran, Minister, Prime Minister’s Office, Singapore; and a number of Indian business leaders.
In addition to various round-table discussions and high profile meetings, delegation member Dr. Essam Fakhro, Chairman, Bahrain Chamber of Commerce and Industry, gave a speech during the Bahrain Country Focus Networking Luncheon. H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Bahrain Economic Development Board (EDB) also met with Dr. Sanjaya Baru, of the IISS to discuss future cooperation.
The Bahrain delegation held discussions with select CEOs from various Indian companies and industries, as well as the CII President Mr. S. Gopalakrishnan, to discuss possible future cooperation and investment. The CEOs attending the meeting included: Mr Aroon Raman, Managing Director – Raman FbibreScience Private Ltd, Col. Radhu Akella, President and CEO – Raman FibreScience Private Ltd, Mr. S Swaminathan, Executive Director Manipal Group, and others.
At the event H.E. Kamal bin Ahmed, took part in a special plenary session on the emergence of new ‘mega trading blocs’ and their impact on global trade, as well as attended a meeting with DSG Danvers, Deputy Secretary General of the OECD. Bahrain’s history with the OECD has been long-standing, with cooperation dating back to 2004 through the EDB, who have also assisted the OECD with establishing the first OECD programme in the Gulf, as well as the first Centre for Investment in the Arab World.
H.E. Kamal bin Ahmed said: “We are always delighted to come to India to build on strong economic and trade relationship that exists between the two countries. The high level bilateral discussions held during this event demonstrate that India and Bahrain are already working in partnership to help businesses flourish and our economies to grow. We look forward to welcoming the CII back to Bahrain and helping many more Indian businesses access the fast growing Gulf market.”
Dr. Essam Fakhro said: “Bahrain has been a trading hub for thousands of years. Trade and economic openness sit at the very heart of our economy and events such as this are an excellent opportunity to discuss how we can break down barriers even more to encourage stronger economic growth. Bahrain is uniquely positioned within the GCC and presents Indian businesses with the ideal platform from which to access the fast growing Gulf market. Not only that, Bahrain has a number of international free trade agreements
in place, including with the USA.”
A large number of Indian businesses have already established operations in Bahrain as a means of accessing the wider Gulf market, which is now worth $1.5 trillion and is expected to reach $2 trillion by 2020. Leading Indian companies with offices or facilities in Bahrain include: Tata Consultancy Services, Tech Mahindra, First Flight, KIMS, JBF Industries, Canara Bank, ICICI Bank, Bank of Baroda and State Bank of India. India has long been one of Bahrain’s most important trading partners. In 2011 trade between the two countries reached $1.7 billion according to the International Monetary Fund.
The Bahrain delegation included:
- H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive, Bahrain Economic Development Board (EDB)
- Dr. Essam Fakhro, Chairman, Bahrain Chamber of Commerce and Industry (BCCI)
- Othman Mohamed Sharif Al Rayes, Treasurer and Board Member, Bahrain Chamber of Commerce & Industry
- Khalid Al Amin, Board Member, Bahrain Chamber of Commerce and Industry
- Mohammed Dadabhai, Chairman, Dadabhai Group
- Vivian Jamal, Executive Director – Business Development, Bahrain Economic Development Board
Notes to editors:
Noora Abul, Bahrain Economic Development Board
Tel: +973 17 589 903
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com