GCC-India bilateral trade to reach $130b in 2014With the combined GDP of $1trillion, the GCC emerges as a right trading partner for Indian companies and businesses to invest in this part of the world, the Minister for Transportation on Tuesday said.
Bahrain’s Minister for Transportation Kamal Ahmed told the members of the Bahrain Indian Society that bilateral trade between the GCC and India projected to reach $130 billion a year by 2014, showing the huge growth potential of trade between the two sides.
The Minister said that remittances from Indian in the Gulf reached $40 billion a year, another binding force between the two sides.
India being an economic giant, the Minister said, will continue to serve as a right partner for the GCC companies and businesses and Bahrain has taken a lead by opening up Economic Development Board office in India.
“The EDB office in India is promoting two-way business opportunities as where Indian economy is a right place to invest, the GCC oil-rich states also present opportunities to Indian investors,” he said.
Minister Kamal Ahmed, who is also acting CEO f the Economic Development Board, highlighted the importance of the trade and business exchange visits.
Referring to the visit of His Royal Highness Prince Salman bin Hamad, Crown Prince and Chairman of the EDB to India May with 18-member trade delegation, the Minister Kamal, said that total 97 meetings took place between Bahrain-Indian sides. “We had very successful meetings in Delhi and Bombay during the trade mission and His Royal Highness Crown Prince has already indicated to visit again later this year or early next year depends upon the time schedule of the Crown Prince,” he said.
He said that the deep-rooted bilateral relations bonding Bahrain and India, their strategic locations and developed trade exchange have enabled them to constantly open new horizons of joint coordination and cooperation, adding the two countries should continue strengthening their ties for the common interests of their friendly peoples.
“Two sides constant desire to consolidate their ties through exchanging visits of senior officials, he said, enhanced economic cooperation.
He said that the extended partnership between the trade and industrial sectors in both countries and their mutual keenness to reinforce and maintain their development, considering Indian the fourth trade partner of the Kingdom of Bahrain concerning exports to countries of the world. In addition both sides signed a number of bilateral agreements in the economic and trade fields.
“The enormous potentialities and the pioneering world site of India together with the great opportunities in the Gulf market form a fertile ground to maintain the cooperation growth between the two countries.”
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