March 17, 2015
Manama, Economic Development Board, 17th March 2015: The Economic Development Board (EDB), in cooperation with the National Association of Software and Services Companies (NASSCOM), is hosting a visiting Indian delegation comprising of 20 delegates representing ICT firms.
As part of their visit, the EDB has organized a series of business meetings for the delegates with their counterparts from Bahrain in the Bahrain Chamber of Commerce and Industry. More than 100 meetings were held between members of the delegation and their Bahraini counterparts. The delegates are also participating in the Bahrain International eGovernment Forum 2015.
Officials from the EDB briefed the visitors on the Kingdom’s investment climate and competitive advantages through a presentation conducted by the EDB which introduced the benefits of setting up business in the Kingdom and the country’s diversified and free economy. The meeting also discussed the country’s positive international rankings, which are testament to the Kingdom’s policy in addressing economic changes with flexibility. It also showcased Bahrain uniqueness in providing national qualified workforce, and affordable and low cost living environment which contribute to the country being a gateway to the gulf market.
Commenting on the visit, Mr. Khalid Al Rumaihi, Chief Executive of the EDB said: “The Economic Development Board is capitalizing on the historic relations that link Bahrain with India to strengthen the cooperation between the two countries in vital sectors including ICT. Through hosting this delegation, we aim to promote the achievements of Bahrain and the strength of its economic infrastructure, as well as its position as a gateway for Indian businesses to establish their presence in the region.”
“Bahrain is an important business partner for India and we are glad for the opportunity this visit gave us to meet our counterparts in the ICT sector. We are keen to learn more about the investment opportunities in the Kingdom and enhance our relations with the private sector in Bahrain. This will serve our objective of increasing the presence of Indian ICT firms globally and in the GCC countries in particular. Bahrain offers an excellent professional talent pool which can be utilized by the Indian ICT companies to gain foothold in the GCC region,” said Mr. Maran Nagarajan, Founder of Kaar Technologies and NASSCOM delegation leader.
With over 1,500 members NASSCOM is India’s main ICT association. Activities of the association include setting strategic direction of the industry in India, policy advocacy for the industry growth, spreading best practices, and facilitating international partnerships and affiliation.
An Economic Development Board (EDB) delegation visited India in January 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.
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.
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.
Seeking to strengthen and further build economic ties, the 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.