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The Confederation of Indian Industry (CII) has opened its first Middle East office in Bahrain — a move that is expected to boost trade between the GCC states and India
With the GCC market currently valued at US$1.6 trillion, officials in both governments feel the formation of a new office would increase potential for business, stated local reports.
To support the growth of business interests, Bahrain’s Economic Development Board (EDB) has also signed an agreement with the Overseas Indian Facilitation Centre (OIFC) to provide cooperation in areas like financial services and research.
Kamal bin Ahmed, acting chief executive of the EDB Bahrain, said, “This announcement, along with the agreement we have signed with OIFC, shows our commitment to the Bahraini-Indian relationship — a relationship that has been at the heart of making Bahrain what it is, and we look forward to welcoming more businesses in the future.”
The Indian Ministry of Trade and Industry revealed, in a statement, that trade value between India and the GCC states increased from US$147.5mn in 2012 to reach US$160mn in 2013.
Chandrajit Banerjee, director general of CII, added, “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 our first office in the region is yet another step in developing our long-standing partnership with Bahrain and the region and we are very excited about the possibilities this will bring in the future.”