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The Confederation of Indian Industry (CII) will open its first West Asian office in Bahrain to boost trade and investments in the region.
The move represents a further strengthening of relationship with India as there are over 3,50,000 Indian residents in the country and the total trade between the two countries in 2011 exceeded $1.7 billion, the Economic Development Board (EDB) of Bahrain has said.
The Gulf Cooperation Council (GCC) is one of India’s most important trade and investment partners and the CII’s Bahrain office will aim to build on this relationship by encouraging Indian investments in the region, it added.
CII, founded in 1895, is India’s leading business organisation. It has more than 7,200 members and an indirect membership of over 100,000 enterprises from around 242 national and regional sectoral industry bodies.
The Indian Ministry of Trade and Industry revealed that the trade value between India and GCC states increased from $147.5 million in 2012 to $160 million in 2013, a statement released here said.
The EDB also announced that it has signed an agreement with the Overseas Indian Facilitation Centre (OIFC) to work together in promoting cooperation between Bahrain and India in a variety of key areas, including financial services and research.
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