Bahrain, India see vast room for IT cooperation
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
In an event that highlighted the growing bilateral ties between Bahrain and India, Bahrain India Society (BIS) and Bahrain Technology Companies Society (BTECH) organised a B2B meeting and networking event with the visiting National Association of Software and Services Companies (NASSCOM) delegation on Sunday at the Embassy of India. The event, held in association with the Embassy of India, Bahrain and Bahrain Economic Development Board (EDB), was attended by a large number of Bahraini companies from the sector.
According to a statement issued by the Indian Embassy, the NASSCOM delegation is on a visit to the Kingdom and is meeting several industry partners, stakeholders and Government agencies to explore possibilities of business cooperation and investment.
“The delegation comprises representatives of leading Indian IT companies including HCL Technologies, ITC Infotech, Tata Consultancy Services, Mastek Limited, Nagarro Software and Addteq Software India Private Limited.” India, which has earned the reputation of IT Superpower, is expected to add revenue of $31 billion in the year 2022 taking the total size of the Indian IT Industry to a whopping $227 billion.
Exports from the Indian IT industry stood at $149 billion in FY 21. The total count of Indian tech startups that have entered the unicorn club (valuation of $1 billion or more), to date, stands at 100. India has already seen 14 new unicorns in the year 2022. Bahrain, with several initiatives in the field of ICT and digital economy and business and investment friendly climate, provides excellent opportunities for Indian IT companies, which are focusing to invest internationally to expand global footprint and enhance their global delivery centres.
Due to its strategic location, Bahrain has potential to serve as a hub for Indian IT companies to serve the whole GCC and MENA region, the statement added. The event was addressed by Abdulnabi Alshola, former Bahraini Minister for Labour and Social Affairs and founding President of Bahrain India Society, Mr Musab Abdullah, Executive Director of Investment Development, EDB, Mr Abdulrahman Juma, Chairman, Bahrain India Society, Mr Rashid Al Snan, Treasurer, Bahrain Technology Companies Society, Mr Ravi Kumar Jain, Second Secretary (Commerce), Indian Embassy of Bahrain, Mr Mayank Gautam, leader of the NASSCOM delegation and Mr S M Hussaini, Board Member, BTECH.
The Indian companies briefed the participants about their company profile and interest in the region followed by a networking session. It was a very useful and productive meeting. The concerned IT companies of both sides discussed business and investment opportunities in the key sectors of IT, big data and fintech, the embassy statement pointed out.