BWI: Bahrain EDB Chief Operating Officer at WEF India Summit

Press release from Business Wire India
Source: Bahrain Economic Development Board (EDB)
Sunday, November 08, 2009 10:00 AM IST (04:30 AM GMT)
Editors: General: Consumer interest, Economy, People, Politics; Business: Advertising, PR & marketing, Banking & financial services, Business services, Construction, Education & training, Healthcare, biotechnology & pharmaceutical, Heavy industries, Major diversified industrial groups
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Bahrain EDB Chief Operating Officer at WEF India Summit
GCC-India Synergies Provide Mutual Opportunities

New Delhi, Delhi, India, Sunday, November 08, 2009 -- (Business Wire India) -- Kamal Ahmed, Chief Operating Officer of the Bahrain Economic Development Board (EDB), is in New Delhi this week to join the debate at the World Economic Forum's (WEF) India Economic Summit. The EDB is a strategic partner of WEF and is leading efforts to enhance bilateral trade between India, Bahrain and the Gulf as a whole.

More than 700 business and government leaders have convened at the WEF event, themed "India's Next Generation of Growth" and taking place until 10 November, to explore the opportunities and challenges that will shape the country's future business environment. Experts predict that India could be the fastest growing G20 economy in 2010 and has the potential to emerge as one of the world's four largest economies by 2020. There are clear synergies between the country's growth and that of the six nations of the Gulf Cooperation Council (GCC), a single market approaching one trillion dollars in terms of GDP - the equivalent of India - and the wider Middle East and North Africa (MENA) region, where the International Monetary Fund (IMF) last month upgraded its growth forecast for 2010 to 4.2 percent, rising to 4.8 percent in 2014.

Ahmed said: "People are now talking about India, China and the Gulf as the three new economic powerhouses. All have demonstrated a track record of growth and strong macroeconomic credentials to make them relatively resilient in the global economic downturn. Together, they now have real opportunities for investment and bilateral trade."

According to the Associated Chamber of Commerce and Industry of India (ASSOCHAM), India's total trade with GCC countries witnessed a four-fold increase in the last five years. India and Bahrain have agreed to speed up negotiations to finalise an Indo-GCC Free Trade Agreement (FTA) that would see trade between India and the GCC exceed $40 billion by 2010.

Ahmed added: "We have much in common. Over the past 25 years, India has become a more open and accessible economy. The six nations of the GCC are becoming a model for cross-border partnership and they too can increasingly be seen as a single, open, accessible economy. Just as the GCC nations have invested in essential areas like infrastructure, education and healthcare, so must India in order to facilitate and support long-term, sustainable growth. And as the new global economic order is redefined, both India and the Gulf have an important point of view to be heard and now have the economic strength to increase their influence in the ongoing global debate."

Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain EDB, recently told the WEF Summer Davos in China that the GCC had a vital role to play in stimulating the next cycle of global economic growth. At WEF on the Middle East in May he had said it was time for the Middle East - and the Gulf - to take its rightful place in the new economic architecture.

Ahmed will be attending the WEF India Economic Summit alongside a road show led by Bahrain's Economic Development Board which will be travelling across Mumbai, Hyderabad, Delhi and Chennai to address businesses that have shown an interest in benefiting from the Middle East's growth by establishing a base in the Kingdom. Indian companies already in Bahrain include the likes of Tata Consulting Services (TCS); ICICI Bank; Bank of Baroda; State Bank of India; Tech Mahindra; Polaris Software; and Power Engineering.

He added that the two countries share further characteristics.

"Like Bahrain, the gateway to the growing market of the Gulf, India is one of the most strategically located and economically balanced countries attracting investment from business worldwide. And like Bahrain, India has a strong track record of economic and social progress, bolstered by a young population, a large and expanding talent pool and a vibrant society."

The EDB has overall responsibility for formulating and overseeing the economic strategy of the Kingdom and creating the right climate to attract foreign investment. Its efforts are central to Bahrain's Vision 2030 and National Economic Strategy, designed to encourage the private sector to drive growth, support further diversification of the economy and ultimately elevate national living standards by creating greater opportunities for Bahrainis.

This year, WEF celebrates 25 years of collaboration and active engagement in India. The Summit is a unique and historic opportunity to bring together key stakeholders, both domestic and international, following the national elections in May.

Notes to editors

About the World Economic Forum (WEF)

The World Economic Forum (WEF) is an independent international organisation committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas. Incorporated as a foundation in 1971 and based in Geneva, Switzerland, WEF is impartial and not-for-profit; it is tied to no political, partisan or national interests.

www.weforum.org


About The Bahrain Economic Development Board (EDB)

The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.

The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.

The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.

More information on the Bahrain EDB is available at: www.bahrainedb.com



CONTACT DETAILS
Shweta Poojari, Good Relations India, +919819830369, poojari@gri.co.in
Abhijit Dhamdhere, Good Relations India, +919820825483, abhijit@gri.co.in

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