GCC ‘$1 trillion market for investors’
Manama, September 26, 2012
GCC countries represent a market worth more than $1 trillion to foreign investors, with the number set to double in the coming years, one of Bahrain’s top Ministry officials said.
Transport Minister and Economic Development Board (EDB) chief executive Kamal Ahmed added that Bahrain provided the right environment for Indian investors as he spoke yesterday during a lunch organised by the Bahrain-India Society at Zahle Lebanese Restaurant, Gulf Hotel.
"The volume of trade between Bahrain and India has increased three folds in the last five years," he said.
"The trade volume between GCC and India is about $130 billion.”
"Today, one in three of Bahrain's expatriate workers are from India and contributing significantly to Bahrain's economy."
Ahmed was part of an official delegation led by HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and EDB chairman, to New Delhi in May.
He said the visit strengthened relations between the two countries.
"We had about 97 meetings in Mumbai and New Delhi and signed memorandums of understanding along with forming the Bahrain India Business Council."
He added the Crown Prince was keen to visit India again soon.
"Our aim is to encourage Bahrain investors to start projects in India and vice-versa," he added.
"We place great importance in India and its six million nationals working in the GCC states."
Businessmen were joined by Indian Ambassador Dr Mohan Kumar and other dignitaries at the lunch, including Bahrain-India Society chairman Mohammed Dadabhai.
According to the International Monetary Fund, the total trade between India and Bahrain last year was $1.7 billion.
Statistics compiled by the European Union state India was ranked sixth among Bahrain's top 10 import partners in 2010 and third among major export partners. – TradeArabia News Service
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