January 17, 2015
Manama, Economic Development Board, 17th January 2015: An Economic Development Board (EDB) delegation has visited India to attend both the ‘Vibrant Gujarat’ Global Business Summit in Ahmedabad and the Confederation of Indian Industry (CII) annual summit in Jaipur, where the EDB was an event sponsor. EDB representatives met with Indian businesses looking to access Bahrain and the fast-growing GCC market during both events.
Ms. Vivian Jamal, Executive Director, Business Development, Bahrain Economic Development Board (EDB) said:
“India and Bahrain have a trading relationship that stretches back thousands of years. Our countries are highly connected economically and culturally, with a large number of Indian companies choosing Bahrain as a base to access the wider Gulf region. Bahrain provides an ideal gateway for Indian businesses seeking to access the region, as well as offering free trade access to the United States.
“In Bahrain Indian businesses will find the most open economy in the GCC, with a competitive tax regime, world-class regulation, one of the most educated workforces in the GCC and high connectivity and access to regional markets.”
In September 2014 the CII announced that it would open its first Middle East office in Bahrain. The CII is India’s leading business organisation, founded in 1895 with more than 7,200 members and an indirect membership of over 100,000 enterprises from around 242 national and regional industry bodies.
The announcement is a result of the various roadshows to India in the past years, with the recent visit in February last year witnessing the signing of 7 agreements between Bahraini companies and their Indian counterparts as well as 27 Memoranda of Understanding across a number of sectors, 12 of which were a direct result of EDB’s efforts. The delegation’s visit to India was part of a state visit led by His Majesty King Hamad bin Isa Al-Khalifa, which featured the coordinating of seminars and meetings by the Ministry of Industry and Commerce (MOIC) and the EDB.
India and Bahrain have a longstanding economic and trade relationship. A large number of Indian businesses have already established operations in Bahrain as a means of accessing the wider Gulf market. Leading Indian companies with offices or facilities in Bahrain include: Tata Consultancy Services, Tech Mahindra, First Flight Couriers Ltd, Kerala Institute of Medical Sciences (KIMS), JBF Industries, Chemco Plastics, Canara Bank, ICICI Bank, Bank of Baroda, and State Bank of India.
Seeking to strengthen and further build economic ties, Bahrain EDB established international offices in both New Delhi and Mumbai to provide assistance to Indian Businesses looking to invest in the Kingdom and to learn more about the regional investment opportunities. The EDB provides assistance to Indian investors interested in setting up in Bahrain throughout the entire process.