Friday November 6, 04:03 AM

Source: Indian Express Finance

Bahrain trade team in India to woo investors

By fe Bureaus
A delegation led by Bahrain s Economic Development Board (EDB) has arrived in India for a series of meetings with corporates keen to explore investment opportunities in the Kingdom, the gateway to the trillion dollar Gulf market and thriving economies of the West Asia. Over the coming fortnight the delegation will tour cities including Mumbai, Hyderabad, Delhi and Chennai, and address senior executives and decision-makers who have shown an interest in establishing a base in Bahrain. Last month, the International Monetary Fund raised its 2010 growth forecast for the West Asia to 4.2%, rising to 4.8% in 2014. The six nations of the Gulf Cooperation Council (GCC) alone represent a single market already approaching one trillion dollars in GDP, the equivalent of India. According to the Associated Chamber of Commerce and Industry of India, India s total trade with GCC countries witnessed a four-fold increase in the last five years. Also, India and Bahrain have agreed to speed up negotiations to finalise an Indo-GCC Free Trade Agreement that would see trade between the country and the GCC exceed $40 billion by 2010. Kamal Ahmed, chief operating officer of the EDB and part of the delegation in India, said, For international companies, including those from India, Bahrain offers an ideal location from which to access the growing markets of the GCC and wider West Asia. We are strategically located at the heart of the Gulf, supported by the 25-km King Fahd causeway to Saudi Arabia and the proposed causeway linking Bahrain and Qatar. And new developments such as the Bahrain Logistics Zone and Khalifa Bin Salman Port, together with plans to treble the existing cargo capacity at Bahrain International Airport, only add to the opportunities for investment. The EDB is responsible for formulating and overseeing the economic strategy of the Kingdom and create the right climate to attract foreign investment. Its facilitation service supports international companies in their assessment of market opportunities, setting-up and aftercare, including assistance in forming a network of contacts in the Kingdom and beyond. The EDB s efforts are central to Bahrain s Vision 2030 and National Economic Strategy, designed to encourage the private sector to drive growth, support diversification of the economy-already recognised as the most diversified in the Gulf-and ultimately elevate national living standards by creating greater opportunities for Bahrainis.