Vol. 1, No. 4, January 2014 A CII Bi-Monthly Journal on India – Gulf & MEWANA Bilateral Ties

FOCUS: INDIA-BAHRAIN PARTERNERSHIP

EMERGING OPPORTUNITIESBuilding Blocks For India-Gulf & MEWANA Partnerships

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The new multilateralism that we are witnessing is far more inclusive than the earlier versions of

multilateralism, architected mainly by the developed countries. Emerging and developing nations across Asia, Africa and Latin America & Caribbean (LAC) are playing a key role in defining the new rules governing multilateralism. Outcomes of the recent Bali Ministerial are a testament to this emerging paradigm.

At the Ministerial, the developing world successfully steered the conclusion of major agreements on public stockholding for food security, and trade facilitation. Even so, two other major global trade issues need to be addressed – Non-Agricultural Market Access (NAMA) and Trade in Services – to facilitate a successful conclusion of the Doha Development Round. What is most gratifying is that India and the Gulf and MEWANA countries share a common view on each of these critical global trade issues, and are acting in consort to usher in a transparent, equitable, multilateral global trade regime under the WTO.

The renewed focus on multilateralism should not lead us into believing that regionalism is a diminishing reality. Rather, regionalism has intensified around the world with most countries entering into regional free trade agreements (FTAs) and other regional economic pacts to protect their respective industries from intense competition. India and

the Gulf & MEWANA countries are all signatories to many such agreements. What is important is that these regional agreements should increasingly function as building blocks for the new multilateralism in the making. And the multilateral institutions in turn should take note of the real aspirations of all regions while enforcing the ground rules.

India’s engagement with regional bodies like the Gulf Cooperation Council (GCC) is therefore not limited to furthering bilateral trade and investment flows. In fact, these engagements now have a major bearing on global trade and investment patterns and policies. Hence, it is important that India and Gulf & MEWANA countries sustain the focus on multilateralism in their bilateral cooperation endeavours.

Multilateralism will provide the necessary impetus to manufacturing growth in both regions, and also strengthen our manufacturing competitiveness, which is vital for the long-term sustainability of both Indian and Gulf & MEWANA economies. Today, as the emerging economies become the most attractive destination for global investments, it indeed a multilateral, rule-based trade regime that will give our industries access to new and bigger markets.

S GopalakrishnanPresident, CII

PRESIDENT’S MESSAGE

Multilateralism Matters

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India’s engagement with the Gulf & MEWANA countries will intensify in the coming years as countries in the

region step up their diversification and modernisation efforts. According to HSBC's latest trade forecast report, India will remain a top five trading corridor for the UAE, Egypt and Saudi Arabia. By 2030, the country will be the UAE's top export destination accounting for 14% of exports, and Saudi Arabia's second largest export destination accounting for 18.5% of exports. India is already Egypt's number one export destination and will maintain that position through to 2030, accounting for 15.4% of exports.

Indian investments in the Gulf & MEWANA countries are also rising appreciably, not just in traditional sectors like physical infrastructure but also in emerging sectors like IT and renewable. To illustrate the new investment opportunities in the region, the Mena Solar Energy Report 2014, published by MEED Insight in association with the Middle East Solar Industry Association (MESIA), states that the region could see more than $50 billion worth of investment in its solar power sector by 2020 as regional governments push for the adoption of clean energy and take advantage of the region's high solar irradiation levels.

This edition of Prism brings forth the emerging opportunities for Indian companies in the Gulf & MEWANA region. We have also directed particular focus on India’s engagements with Bahrain. Speaking at the CII Partnership Summit held in January in Bangalore,

Mr Essam Abdullah Fakhro, Chairman of the Bahrain Chamber of Commerce & Industry, said that many Indian businesses have already established their footprint in the country. Many of them successfully collaborate with Bahraini companies.

Bahrain has the most liberal tax regime in the Gulf (according to the latest Ernst & Young Worldwide Corporate Tax Report 2013). The country is also considered as the freest economy in the Arab World for 20 consecutive years (according to The Wall Street Journal Index of Economic Freedom 2014). In addition, companies established in Bahrain are allowed to have 100% foreign ownership. Bahrain has also initiated agreements for Avoidance of Double Taxation with 37 countries and Investment Protection and Promotion agreements with 29 countries.

This edition also underscores the significance of India and the UAE concluding the much awaited Bilateral Investment Promotion and Protection Agreement (BIPPA). The agreement promises to significantly boost UAE investments in Indian infrastructure projects and will help enhance investor confidence and ensure protection of bilateral investments.

We have also focused attention on the key factors that attract ICT firms to the Gulf & MEWANA region. I hope that you will enjoy reading the articles presented in this edition.

K K M KuttyChairman, CII Gulf & MEWANA

Committee

FROM THE CHAIRMAN’S DESK

Leveraging New Opportunities

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India is a key investment destination for Gulf & MEWANA government bodies and corporate entities. India’s

relative economic stability in the face of a global economic slowdown is one major factor that has enhanced its attractiveness to global investors. In recent years, oil-producing Gulf countries have been weighing the option of using their sovereign funds to leverage the emerging investment opportunities in India, especially in the physical infrastructure space where India requires investments in excess of $1 trillion by 2018 to bridge its infrastructure deficit.

Some of the Gulf countries have already accelerated their investments in India. For instance, the Kuwait Investment Authority has invested about $1.5 billion in India in the past two years as part of its plan to invest about $10 billion in the country. The UAE has pledged $2 billion of investments in Indian infrastructure sector. Saudi Arabia does not have a sovereign wealth fund but Saudi private investments in India are growing at an appreciable pace. Other West Asian countries are also considering big investments in sectors such as oil & gas, power, roads, fertilisers and tourism.

Real estate in particular has attracted significant investments from the Gulf region. Sovereign wealth funds and other long-term investors are eyeing opportunities in India's

real estate sector. Reports say that Abu Dhabi Investment Authority (ADIA) is planning to invest about $200 million in Indian real estate. Likewise, Oman's State General Reserve Fund along with Government of Singapore Investment Corp (GIC) and Temasek has committed to invest $200 million in an Indian real estate fund.

To accelerate the investment inflows from the Gulf & MEWANA region, India is taking key policy steps and reaching out to different countries to showcase its economic strengths and growth areas. In December 2013, India concluded the much anticipated Bilateral Investment Promotion and Protection Agreement (BIPPA) with the UAE, which is seen as a step toward firming up a free trade agreement with the GCC. At the same time, Government of India has deepened the cooperation with North African economies. Mr Salman Khurshid, Minister of External Affairs, Government of India, recently visited Morocco, Tunisia and Sudan to strengthen the bilateral economies ties with these countries.

Current trends point to the possibility of a quantum jump in investments inflows from Gulf & MEWANA investments. CII is committed to the task of deepening the business and economic ties between India and the Gulf & MEWANA countries.

Chandrajit BanerjeeDirector-General CII

Attracting Investments

DIRECTOR GENERAL’S MESSAGE

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India and the UAE have deepened the bilateral cooperation for renewable energy development. Mr Farooq Abdullah, Minister of New and Renewable Energy,

Government of India, and Sultan Ahmed Al Jaber, Minister of State and the UAE's special envoy for energy and climate change, signed a Memorandum of Understanding (MoU) for cooperation in these areas in Abu Dhabi in January this year.

Both the countries also agreed to form a Joint Working Group for better coordination through joint research on subjects of mutual interest, exchange and training of scientific and technical personnel, exchange of available scientific and technologies information and data. India and UAE have also agreed to cooperate in organising workshops, seminars and working groups, transfer of know-how, technology and equipment, on non-commercial basis.

India, Saudi Arabia call for deeper bilateral coop

India and Saudi Arabia discussed avenues for enhancing bilateral cooperation in a meeting between

Mr P Chidambaram, Finance Minister, Government of India and Saudi Arabia's Second Deputy Premier, Prince Muqrin bin Abdulaziz Al Saud during the Indian minister’s visit to the Gulf country in January,

Prince Muqrin, who is also advisor and special envoy of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, received Mr Chidambaram and his accompanying delegation at his palace and, at the outset, commended the strong relations between Saudi Arabia and India in various fields. During the meeting, both sides discussed ways of enhancing bilateral cooperation, particularly in the fields of commercial and industrial exchanges.

The meeting was also attended by Saudi Arabia's Minister of Commerce and Industry, Mr Tawfiq bin Fawzan Al-Rabiah, Saudi Ambassador to India Saud Al-Sati and India's Ambassador to Saudi Arabia, Mr Hamid Ali Rao.

India-Saudi Arabia trade relations have witnessed steady and remarkable growth in the last few years. Saudi Arabia is India's fourth largest trade partner and the bilateral trade stood at $43.19

billion in 2012-13.Saudi Arabia is also India's largest

supplier of crude oil, accounting for 17% of the country's requirements, and is one of the major markets in the world for Indian exports. Saudi Arabia is destination to more than 1.86% of India's global exports and is also the source of 6.35% of India's global imports. India also has a double taxation avoidance treaty with Saudi Arabia.

Several Indian companies have established collaborations with Saudi companies and are working in the Kingdom in the areas of designing, consultancy, financial services and software development.

Dubai to host Global Gem and Jewellery Fair in March

Dubai Multi Commodities Centre (DMCC) and the Gem & Jewellery Export Promotion Council (GJEPC) India will host the Global Gem & Jewellery Fair (GGJF) during March 20-22 this year. With over 130 exhibitors participating from India and the GCC, the Global Gem & Jewellery Fair will provide an ideal platform for international buyers and sellers as they seek to trade top

NEWS IN BRIEF

India-UAE sign MoU for renewable development

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quality gems and couture jewellery during the three-day event.

The fair will see visitors from across the globe including GCC, KSA, Egypt, Lebanon, Bangladesh, Singapore, Eastern Europe, Russia, South Africa, Sri Lanka, Turkey, Pakistan and Malaysia. Mr Pankaj Parekh, Vice-Chairman, GJEPC, has said that India's central role as the sourcing centre for diamonds and precious stones jewellery is renowned worldwide. India is a world leader in production of cut and polished diamonds, emeralds and tanzanites.

India invites Kuwaiti investments in LNG terminals

India has urged Kuwait to invest in the upcoming LNG terminals in the Western and Easter coasts in Visakhapatnam in Andhra Pradesh, Mangalore, and Pudur in Karnataka.

This offer was made by Mr Veraapa Moily, Petroleum and Natural Gas Minister, Government of India, to a visiting Kuwaiti delegation led by Kuwait Petroleum Corporation (KPC) head Mr Nizar al-Adsani. Mr Moily impressed upon the KPC delegation that India was making huge investments in setting up around a dozen-odd LNG terminals and it would certainly look towards investments by Kuwait in them.

Kuwati bank sponsors Indian doctors’ initiative

Kuwait's Burgan Bank has, as per recent reports, sponsored an initiative by Indian doctors to educate the public on latest medical enhancements in the Gulf country. The bank's support to the annual Indian Doctors Forum Mega Cultural Event in launching a new IDF Health Guide for the third consecutive year reflects its mission to facilitate public awareness on medicine. The health guide, published under a theme 'Imaging - The Eye of Medicine' this year, contains 38 articles on various

imaging modalities used in hospital for diagnosis and treatment of diseases.

The Indian Doctors Forum, an organisation of Indian doctors residing and working across various fields of medicine in Kuwait, is a registered body with the Indian Embassy which is affiliated to the Kuwait Medical Association, and is one of the largest Indian organisations in Kuwait. Around 700 Indian doctors practice various kinds of medicine in Kuwait.

‘India-Qatar ties deepening’ Indian Ambassador to Qatar, Mr

Sanjiv Arora, has been quoted in Gulf Times as saying that the multi-faceted cooperation between India and Qatar within the excellent framework provided by historic ties and regular and substantive engagements have benefited both the countries. “The

government of India and its people greatly admire the strides being made by Qatar in education, research and innovation; infrastructure; business, finance and investments; sports, arts and culture; and other spheres and are keen to expand collaborations to the mutual benefit of both sides. Besides official interactions, people-to-people contacts and initiatives by (the) private sector are galvanising dialogue and co-operation in various sectors,” the ambassador said in his statement.

He added: “Our people greatly value Qatar’s vital partnership with our country in the energy sector as Qatar is the largest supplier of LNG to India. There is a large and expanding market for Qatar’s LNG, oil and petrochemical sectors in India.”

India-Sudan trade poised to scale $1bn level

India sees two-way trade with Sudan reaching $1 billion. External Affairs Minister, Mr Salman Khurshid told reporters after talks with his Sudanese counterpart Mr Ali Ahmed

Karti in Khartoum: “Our trade figures are expected to reach close to $1 billion by the end of the financial year 2013-14”. The value of two-way trade between the two countries reached about $888 million in the financial year ended March 31, 2013. The two sides discussed cooperation in manufacturing and agriculture, Khurshid said.

India, Morocco to diversify economic ties

India and Morocco have identified pharmaceuticals, agriculture, automobiles and renewable energy as new areas of collaboration to boost their economic relationship. Mr Salman Khurshid, External Affairs Minister, Government of India, during his visit to Morocco, met his counterpart Mr Salaheddine Mezouar and exchanged views on regional and global issues of common concern,

including international terrorism.The two sides agreed that their

foreign office consultations would be held later this year. Mr Khurshid extended an invitation to Mezouar to visit India at a mutually convenient date. He said after his meeting with Mr Mezouar that the two countries explored ways and means of diversifying their "phosphate-centric" economic and commercial relations which have an "immense untapped potential".

"To further boost economic cooperation, we have also identified new areas of collaboration such as pharmaceuticals, agriculture, automobiles and renewable energy," he said.

Khurshid said India and Morocco have deep-rooted historical links from the days of the famous Moroccan traveller Ibn Batuta in the 14th century and the ties had strengthened since diplomatic relations were established in 1957. "Our bilateral relations are warm and cordial. There are hardly any areas of divergence of views on bilateral relations," he said.

NEWS IN BRIEF

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7The Gulf & MEWANA (Middle East, West Asia & North Africa) region is heterogeneous with different socio-economic and political characteristics, yet

the similarities are many. Now, as in the past, oil provides the basis for economic growth, either directly in oil-producing countries or indirectly in the rest of the region through state-led economic development policies.

India is a predominant trade partner to the Gulf & MEWANA countries. “India and the MENA (Middle East & North Africa) nations have been trading for many centuries and the opportunities certainly remain strong today. It's no surprise that India is a top five trading partner with each nation in the MENA group," said Mr Tim Reid, Regional Head of Commercial Banking of HSBC, while addressing the MENA-India Conference held in Dubai in October 2013.

"The prospect of Expo 2020 in Dubai and other infrastructure projects in the region offer excellent opportunities for MENA businesses to bring the chance to benefit from India's know-how into the region with new partnerships. India's strength in industrial and information technology can also help the businesses support the region's political programme of economic diversification," Mr Reid added.

As per the data released by the Department of Commerce, Government of India, India’s foreign trade from April to November 2013 with North African countries (Egypt, Algeria, Sudan, Morocco, Libya, Tunisia and Canary Island) was $3.4 billion while it was $31.8 billion with Middle Eastern countries (UAE, Saudi Arabia, Oman, Kuwait, Bahrain and Qatar) during the same period.

Key DestinationsHSBC's latest trade forecast

report says that India, which remains among the top five trading corridors for the UAE, Egypt and Saudi Arabia, is all set to become the top export destination for the Middle East and North African countries by 2030.

By 2030, the country will be the UAE's top export destination accounting for 14% of exports, and Saudi Arabia's second largest export destination accounting for 18.5% of exports.

The report says that India was already Egypt's number one export destination and would maintain that position through to 2030, accounting for 15.4% exports. Indian companies too have huge opportunities in terms of investment in the Gulf & MEWANA region.

India’s engagements with the region at the country level illustrate the growing bilateral partnerships. Take the case of the UAE.

The UAE is diversifying away from mineral manufactures and is investing heavily in its physical

PARTNERSHIPS

Emerging OpportunitiesEconomic diversification of the Gulf & MEWANA countries is creating a swathe of business opportunities for Indian companies in the region

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infrastructure sector. Hence, growth in imports of goods for infrastructure and investment equipment from India will significantly outstrip growth in other imports during 2013-30, says the HSBC report. The UAE has also pledged $2 billion of investments in Indian infrastructure sector. Besides, the country is India's largest export market, accounting for just over 10% of total merchandise exports. The Emirates is forecast to maintain this preeminent position out to 2030 due to robust demand growth.

Important Indian exports to the UAE include gems and jewellery, electronic goods, fabrics, machinery and equipment. India also uses the

UAE as a gateway to other markets in the region, with many Indian exports transshipped from the UAE onto other countries in the Gulf, South-East Asia and East Africa.

Saudi Arabia is another major bilateral economic partner of India. An HSBC report said that in 2012, approximately 25% of Saudi Arabian exports to India comprised oil & gas. Diversification means that the biggest growth in exports to India will be in chemicals, which will account for over 80% of total exports from Saudi to India between 2013 and 2030.

There will also be strong growth in exports of infrastructure goods as India focuses on increasing its

infrastructure spending and boosting growth potential, as seen in its latest Economic Plan. India's exports to Saudi were just 2.9% of total exports in 2012.

This share is expected to increase to 4% by 2030, ranking it India's fourth largest export destination. The main contributors to this increase will be in the sectors of manufacturing, machinery and transport, and chemicals. Saudi Arabia's commitment to industrialisation and diversification will also offer opportunities to Indian investors.

In the North African region, India has been Egypt's second biggest export market after the US with 9%

of all exports in 2012. Egypt's less developed economy and industrial base means it has less scope to benefit from India's fast-growing economy and demand for a rapid modernisation in its infrastructure.

Nevertheless, investment equipment exports to India are forecast to grow at a double-digit annual rate in the years to 2030. Fastest-growing export sectors will be manufactures, chemicals and mineral fuels, which together will account for some 85% of the increase in exports from Egypt to India between 2013 and 2030.

India will represent one of the fastest growing import sources for Egypt between 2013 and 2030. The

biggest contributors to the increase will be machinery & transport equipment and manufactures, together accounting for over 70% of this increase.

Recently, India’s External Affairs Minister, Mr Salman Khurshid was on a three-nation tour of natural-resources rich North African countries – Morocco, Tunisia and Sudan. According to media reports, during a meeting with his Moroccan counterpart Mr Salaheddin Mezouar, India and Morocco explored ways and means of diversifying their phosphate-centric economic and commercial relations which Mr Khurshid said "have an immense untapped potential". The

two countries also decided to boost bilateral economic cooperation in areas like pharmaceuticals, agriculture and renewable energy besides holding Foreign Office Consultations later this year.

Morocco is an important partner in India's quest for food security due to significant imports of phosphate from there. A lot of phosphoric acid and rock phosphate from Morocco are sourced to India for use in the fertiliser industry which helps India's agriculture sector.

To further boost economic cooperation, the two sides also identified new areas of collaboration such as pharmaceuticals, agriculture,

PARTNERSHIPS

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automobiles and renewable energy. They also exchanged views on regional and global issues of common concern, including international terrorism.

"India and Morocco have deep-rooted historical links from the days of the famous Moroccan traveller Ibn Batuta in the 14th century. Since the establishment of diplomatic relations in 1957, these ties have become multifaceted and stronger,” he said.

Mr Khurshid also met Moroccan

Prime Minister, Mr Abdelilah Benkirane. Two MoUs concerning cooperation in marine fisheries and environment protection were also signed between the two countries.

Mr Khurshid said that India would be happy to share its developmental experience and expertise with friendly developing countries like Morocco. He was quoted saying: "We have proposed the setting up of an Information and Communication Technology (ICT) centre in Morocco, and we are happy that your government has accepted this proposal. We are working to see that this project is implemented at the earliest."

"India will also be pleased to offer additional slots and scholarships to Morocco for training and higher education under various schemes of the Government of India," he added.

India has also stepped up its engagements with Sudan. Mr Khurshid during his visit to this North African country said: “India and Sudan enjoy an active relationship in both political and economic terms. Our bilateral trade figures are expected to reach a figure of close to $1 billion by the time we end the Indian financial year of 2013-14. There

exist a number of complementarities in bilateral trade and we need to utilise them for further deepening of our economic engagement.”

He said that Indian businesses are very active and are investing abroad in a significantly large number. “They are present in Sudan in sectors such as energy, retail marketing, mining, agriculture, pharmaceuticals, etc. The sum total of all these investments would be appreciable and in the range of

close to $ 2.8-3.0 billion. While some of these have come here directly, others have come through their own companies in third countries.”

India has been playing a key role in Sudan’s developmental initiatives, in areas like human resources development, infrastructure development and industrial processes. “Institution building is an important part for capacity enhancement and, in this respect, we are currently engaged in setting up of an English language training centre in Khartoum and a vocational training centre in Ad-Damar. Earlier, we set up an e-learning center in Khartoum, which has attracted attention of end-users,” the minister added.

“In our efforts concerning infrastructure development in Sudan, one of the larger projects underway is the Kosti-based power plant with an installed capacity of 500MW. We are also engaged in construction and commissioning of a sugar plant at Mashkour and hope that it will be able to contribute to export of sugar from Sudan to earn valuable foreign currency. Many similar projects in infrastructure and industrial sectors were completed earlier and have seen their worth in providing benefits

to the people of Sudan.”Tunisia was another country with

whom Mr Khurshid held talks during his North African tour. India and Tunisia traditionally enjoy cordial and friendly relations. The two countries also share common views on regional and international issues. In the trade and investment sector, India would like to diversify the bilateral relationship through increase in exchanges and joint ventures in pharmaceuticals, auto industry, software, olive oil,

tourism and hospitality, and textiles.Mr Khurshid said during his visit

to Tunisia that “India and Tunisia are already long-standing partners in the field of phosphatic fertilisers. I am happy that our joint venture in phosphates, Tifert SA worth $450 million, is functioning well and I look forward to a sustainable production of this plant. I am also encouraged that in October last year Mahindra & Mahindra established an assembly plant for production of pickup trucks at Sousse with their Tunisian partner Medicars providing technical support. Additionally, we have set up Joint Working Groups in the key fields of science & technology (S&T), information technology, small and medium enterprises, oil & natural gas as well as pharmaceuticals which are meeting regularly.”

Importantly, India has partnered with Tunisia under the India Africa Forum Summit (IAFS) platform for enhanced cooperation on capacity building, education and S&T. A twinning programme between the Pasteur Institute of Tunisia and the International Centre for Genetic Engineering and Biotechnology in India has been agreed upon for

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cooperation in specific training programmes in the areas of biochemical sciences.

Indian Companies: Deepening Footprints

In the last few years, Indian companies have created significant goodwill in this region. While Kirloskar is a household name in many North African countries, roads of many capital cities in the region

are dotted with billboards of Tata, Bharti (Airtel), Reliance, Godrej, Karuturi, Birla, Jindals, State Bank of India, Bank of Baroda and ONGC Videsh in countries like Sudan.

Recently, software major Tech Mahindra reported a significant growth in revenues from the Middle East and North African (MENA) region, including Turkey, for the third quarter that ended December 31, 2013. The consolidated financial results were announced as part of the company's global third quarter financial results. The total revenue of Tech Mahindra's MENA business was up 50% as compared to the same period in the previous year, the company said.

Today, Tech Mahindra's pipeline of project opportunities in the MENA region exceeds $350 million. The company is currently engaged in more than 50 important projects in the region.

"Our robust performance in the MENA region comes on the back of a rising demand for quality and innovative tech services. We are witnessing a trend where regional and global majors and public bodies, are all seeking tailor made IT solutions and not just off-the-shelf applications", Mr G B Kumar, Vice President and Geo Head - Middle East, Africa and Turkey, Tech

Mahindra, was quoted as saying by the Economic Times.

The growth is also the result of the company's focus on non-linear growth engines in the MENA region, which also shows the possibilities of joint venture, acquisitions and business value consulting, he added.

Emerging OpportunitiesAccording to the Mena Solar

Energy Report 2014, published by MEED Insight in association with the Middle East Solar Industry Association (MESIA), the region could see more than $50 billion worth of investment in its solar power sector by 2020 as regional governments push for the adoption of clean energy and take advantage of the region's high solar irradiation levels.

“Up to 37,000MW of new solar, wind and hydroelectric projects are planned to be commissioned by the end of the decade, of which between 12,000MW and 15,000MW will be sourced from solar energy projects specifically,” the report states.

Hamburg-based secondary research company yStats.com has released a new report on B2C E-Commerce. The “MENA B2C E-Commerce Report 2014” indicates that Middle East and Northern Africa are among the most dynamic regions in global e-Commerce, with still more growth expected in coming years.

According to the findings of this report, B2C e-Commerce presently accounts for less than 1% of total retail sales in the region, as there are obstacles to overcome to prepare the way for the boom. These obstacles include the low adoption of the online retail channel by local businesses, the predominance of

cash on delivery payments, and low consumer acceptance of online shopping, compared to international benchmarks.

e-Commerce is growing in the UAE at a rate of over 20% annually off increasing Internet and mobile coverage, while store-based retail is affected by high real estate prices. Over 80% of the population is Internet savvy, and of this number over 15% shop online; below 10% do

so on mobile devices. B2C e-Commerce is burgeoning

also in Saudi Arabia, though largely restricted to sales of clothing, electronics, appliances and travel booking. Annual growth reaching almost 40% between 2012 and 2015 is expected.

Currently, half of the Egyptian population has access to the Internet shops online. As Internet and mobile penetration increase in Egypt, the potential of B2C e-Commerce will be enhanced. Mass merchants Souq.com and Jumia.com were the leading e-Commerce websites in Egypt by audience reach, followed by international players Alibaba and Amazon. In Morocco, B2C sales in the first three quarters of 2013 have already passed the transaction total for 2012. The number of online shoppers reached over 0.3 million last year, as per reports.

As the Gulf & MEWANA countries press ahead with economic diversification and developmental initiatives, new business opportunities are being created for overseas companies, especially from India. The cultural contiguity and shared history and international understanding will greatly aid businesses from both sides to cement long-term partnerships.

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Bahrain offers huge investment opportunities for Indian companies. Stating this in his address at the ‘Focus Country

Networking Session: Advantage Bahrain’ on Day 2 of CII Partnership Summit organised in Bangalore, Mr Essam Abdullah Fakhro, Chairman of the Bahrain Chamber of Commerce & Industry, said that many Indian businesses have already established their footprint in the country. Many of them successfully collaborate with Bahraini companies. Indian business majors like Tata Group, ICICI Bank, SBI and many more have already set up their business in Bahrain.

Mr Fakhro said the principal reasons for international partners’ success primarily lie in Bahrain’s loyalty towards them. As statistics reveal, Bahrain has the most liberal tax regime in the Gulf (according to the latest Ernst & Young Worldwide Corporate Tax Report 2013). The country is also considered as the freest economy in the Arab World for 20 consecutive years (according to The Wall Street Journal Index of Economic Freedom 2014). In addition companies established in Bahrain are allowed to have 100% foreign

ownership. Bahrain has also initiated agreements for Avoidance of Double Taxation with 37 countries and Investment Protection and Promotion agreements with 29 countries.

Mr Fakhro said that Bahrain is continuously creating the best commercial environment that can

lead to long-term and fruitful relationships with foreign partners. In particular the ratification of the US-Bahrain FTA signed in 2006 can serve as the best example of such beneficial collaboration. It offers opportunities, eliminates tariffs and trade barriers with 96% financial, industrial, services and agricultural duty exemption; tax-free benefits for textiles and garments; 0% export duty on products manufactured in Bahrain;

0% import customs duty on factory raw materials and machinery.

Bahrain also enjoys a strategic location in global economic environment – lying at the heart of the Arabian Gulf. Bahrain has fast and efficient access to every market in the Middle East by air, sea and road. Strategically located between two largest markets of Saudi Arabia and Qatar, Bahrain continues to attract foreign investment across a broad range of sectors: from manufacturing to the financial sector. Efficient transportation of goods is provided by the country’s modern and functional infrastructure. It is represented in underpasses and flyovers over junctions along the main transport routes of Bahrain.

Ms Vivian Jamal, Executive Director, Economic Development Board of Bahrain, emphasised the fact that Bahrain is honoured to have bi-lingual highly skilled and educated workforce. 2/3rd of financial services workforce is Bahrainis. This, Ms Jamal believes, is a key advantage when accessing other GCC markets. It would also reduce the overall staff costs.

Ms Jamal stated that Bahrain is a very cosmopolitan country. The

FOCUS

Bahrain Sharpens India FocusThe Kingdom is taking major steps to boost bilateral economic and business ties with India

Dr Essam Fakhro, Chairman of the Bahrain Chamber of Commerce & Industry, addressing the audience at the Special Session on Bahrain at the CII Partnership Summit 2014

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kingdom aims to support the growth and diversification of Bahrain’s economy by developing a strategy that encourages inward investments and boosts competitiveness in the global market place.

In another session on ‘Emergence of New Mega Trading Blocks and their Impact on Global Trade’, Mr Kamal Bin Ahmed Mohammed, Minister of Transportation & Acting Chief Executive of Economic Development Board, Bahrain, said that Bahrain is emerging as a highly integrated market. He said that connectivity is what will narrow the chasm between different trade blocks. Bridging these issues will generate more jobs and more companies will benefit from the cooperation endeavours. It is

important to see the mega deals as an opportunity to facilitate trade negotiation at the global level.

"India and Bahrain have a trading relationship that stretches back thousands of years," Mr Ahmed said.

"Our countries are highly connected economically, with a large number of Indian companies choosing Bahrain as a base to access the wider Gulf region, and culturally, with around 300,000 Indians living and working in the kingdom," he said.

Mr Kamal Ahmed, met Mr Anand Sharma, Commerce and Industry Minister, Government of India, on the sidelines of the Partnership Summit. According to news reports, the two ministers discussed strengthening bilateral relations between India and

Bahrain, in particular the growing trade opportunities for Indian businesses who can take advantage of the fast growing GCC market, currently worth $1.5 trillion.

The discussion demonstrated commitment from both countries to continue to build on and strengthen the economic partnership, he said.

Bilateral TradeIndia’s total trade (non-oil) with

Bahrain for the fiscal year 2012-13 stood at $1.3 billion. India’s top five non-oil exports to Bahrain are (i) inorganic chemicals, organic or inorganic compounds of precious metals, or rare earth metals or radi, elem or of isotopes; (ii) nuclear reactors, boilers, machinery and mechanical appliances; (iii) electrical

machinery and equipment and parts thereof, sound recorders and reproducers, television image; (iv) cereals; (v) vehicles other than railway or tramway rolling stock, and parts and accessories.

India main non-oil imports from Bahrain are: (i) aluminium and articles; (ii) ores, slag and ash; (iii) salt, sulphur, earths and stone; plastering materials, lime and cement; and (iv) fertilisers.

From April 2000 to December 2012, the cumulative investments from Bahrain to India stood at $ 28.66 million. Wherein, Bahraini companies have invested their money in sectors like IT, healthcare, pharmaceuticals, real estate and construction, etc.

While Bahrain is a small country both geographically (a mere 712

sq. km.) and in terms of population (1.2 million), it has been a favourite destination for Indian nationals working as expatriates. The number of Indian nationals has increased over the years. The current estimate of Indian expatriates in the island is around 0.35 million.

Bilateral Agreements In Place • Agreement between the

Government of the Republic of India and the Government of the Kingdom of Bahrain for Exchange of Information with respect to Taxes.

• Memorandum of Understanding between Government of the Republic of India and Government of the Kingdom of Bahrain on Co-operation in the Field of Information and communication

Technology. • Memorandum of Understanding

on cooperation between Ministries of Foreign Affairs

• Agreement on Juridical and Judicial Cooperation in Civil and Commercial Matters

• Extradition Treaty • Agreement on Mutual Legal

Assistance in Criminal Matters and Agreement on the Promotion and Protection of Bilateral Investment

• Air Services Agreement • Executive Programme on

Cooperation in Culture • Agreement for Media Cooperation

between Prasar Bharati and Bahrain Radio & TV Corporation

• MoU on Labour and Manpower Development

(L-R) Ms Vivian Jamal, Executive Director, Economic Development Board of Bahrain; Dr Essam Fakhro, Chairman, Bahrain Chamber of Commerce & Industry; Mr Kamal Bin Ahmed Mohammed, Minister of Transportation & Acting Chief Executive of Economic Development Board, Bahrain.

FOCUS

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Globally, in format ion & c o m mu n i c a t i o n technologies ( ICTs) are being adopted for efficient delivery of

public goods and transformation of business organisations. ICTs enable governments to deliver basic services such as education and healthcare to different segments of society including the underserved, and improve the transparency and accountability of government agencies by switching to eGovernance. Private enterprises are also embracing ICTs to improve their customer engagements, drive innovations and raise their productivity levels.

As the boundaries between telecom and IT continue to blur, there is an increasing interest in ICT, the services falling in the intersection of these two industries. The global ICT market is estimated to be worth more than $3 trillion. In emerging markets, the ICT opportunity is at different stages of development. For instance,

in South East Asia, business process outsourcing is at the forefront of ICT services being provided, whereas in the Middle East, slow deregulation of the telecoms markets has stymied the adoption of ICTs. Today, operators in this region are in the process of building their skills and they use partnerships to achieve so.

Within the ICT space, demand for cloud computing is growing at a rapid pace across global markets. The MEWANA region is no exception to this. The main benefits of Cloud-based services are that they provide enterprises with flexibility, scalability and speed, as well as the transformation of capex into opex.

Overall, ICT spending in the Middle East will top US$96 billion next year, according to a report from the research firm IDC, as infrastructure projects across the region spur the need for new technologies.

Leaving aside the telecoms sector, spending on IT projects will exceed $32 billion across the GCC, Iran, Iraq and Egypt. The region’s

spending will place it as one of the top three fastest-growing IT markets in the world, surging at a rate of about 7.3% year-on-year, said IDC. It is superseded only by Latin America and Central Asia.

Public sector investments to improve government services, education and health care will be the main drivers for growth. The numerous smart-city projects in the GCC in particular will increase machine-to-machine connections by 19% to reach $224 million, the report says.

Saudi Arabia is the region’s biggest market, accounting for almost $7 billion of spending, while Qatar is one of the fastest-growing markets. Egypt will also experience a partial recovery, spending close to $3 billion, although less than the amounts spent in 2007 and 2008, the report says.

The UAE’s spending will increase by 4.5%, helped mostly by growth in software and preparations for Dubai Expo 2020, for which some $8 billion in infrastructure projects

TECHNOLOGY

ICT For Business & DevelopmentAs the Gulf & MEWANA economies usher in ICTs to drive developmental initiatives and private sector growth, Indian ICT companies can tap into the investment and partnership opportunities in the region

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have already been announced. There is a bigger amount of focus on smart city and the government is leveraging health care, education, transportation and smart economy making significant investments around upgrading infrastructures.

Reports say that in smart cities such as Masdar City in Abu Dhabi and Qatar’s Energy City, the mobile platform will become the prime focus. Technology including contactless payment and near-field

communication (NFC), which enables the transfer of data wirelessly, will begin to take hold. There, almost 40% of government services are accessed online with a high satisfaction rate, and that is set to grow further as more government applications are made available online and on mobile.

ICT is also the fastest growing sector in Jordan with an average 25% growth. The country has attracted many global IT majors like Cisco, Microsoft, Oracle, HP, Yahoo!, Intel, Motorola and Ericsson. Intel Capital has invested in two Jordan-based ICT start ups — Jeeran, a web-community platform, and ShooFee TV.

Saudi Arabia, Kuwait, the UAE, Oman, Qatar and Bahrain have more than twice as many Internet users per 100 inhabitants as non-GCC countries.

In the MENAWA region, large investments have been made over the last decade on ICT infrastructure to promote good governance, and to spur the development of sectors

like healthcare, education, tourism, etc. ICTs can reduce business costs, promote transparent, rules-based systems, and improve communication between the public and private enterprises. In Northern Africa, Tunisia has adopted ICTs in a major way. Countries like Morocco and Libya are also moving in this direction.

Across the Gulf & MEWANA region, demand for healthcare ICT is growing rapidly. Key companies dominating this market space are CareFusion

Corp., Cerner Corp., Carestream Health Inc., Philips Healthcare, GE Healthcare Ltd, Siemens Healthcare, ICT Health Technology Services, Dell Healthcare and Life Sciences, 3M Health Information Systems Inc., and Toshiba Medical Systems Corp.

Telemedicine is gaining ground in the Gulf & MEWANA countries. With the increasing adoption of broadband services across the region, bandwidth is no longer a hindrance for the delivery of telemedicine. Healthcare ICT market in the MENA region is expected to grow at a CAGR of 8.17% over the period 2012-2016.

ICT majors around the world are seeing new growth opportunities in the Gulf & MEWANA region, resulting in more FDI inflows into this sector. Over the past decade, ICT sector has attracted 11.9% of the total number of deals and 2.4% of foreign capital invested in the Middle East. In Northern Africa, Egypt already has major players in the ICT space such as IBM, Microsoft and Oracle. A ‘Smart

Village’ outside Cairo is expected to house 500 companies by 2014. Qatar has formulated its National ICT Plan 2015, to enhance digital literacy and improve connectivity.

Kuwait, Bahrain and Qatar have chalked out ambitious plans to attract direct investments in ICT-related areas. Countries like Jordan and Egypt are coming up with domestic software and hardware production and can be competitive choices for more traditional outsourcing

destinations such as India. The Indian ICT sector continues

to be the ‘sunshine sector’ in India, showing rapid growth and promise. Indian ICT firms are held in high repute world-wide, and service suppliers offer high quality products and services with state-of-the-art technology. The Indian public sector is a key catalyst for increased ICT adoption through sectors reforms that encourage ICT acceptance, National eGovernance programs, and the Unique Identification Development Authority of India (UIDAI) programme that will include the whole Indian population of 1.2 billion people. UIDAI will create the world’s largest national ICT infrastructure, and the system development involves a large number if Indian ICT firms which through this develop very advanced products.

Leading Indian ICT companies that are going global could tap into the new investment and partnership opportunities in the Gulf & MEWANA countries.

TECHNOLOGY

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India and the UAE signed the much awaited Bilateral Investment Promotion and Protection Agreement (BIPPA) in December 2013. The agreement will help redefine the

investment and trade cooperation between the two countries. The accord promises to significantly boost UAE investments in Indian infrastructure projects and will help enhance investor confidence and ensure protection of bilateral investments.

Mr P Chidambaram, Finance Minister, Government of India, and UAE Minister of State for Financial Affairs, Mr Obaid Humaid Al Tayer, signed the treaty following a meeting between Mr Salman Khurshid, Minister for External Affairs, Government of India, and UAE Foreign Minister, Shaikh Abdullah bin Zayed Al Nahyan. With this accord, India now has such treaties with all GCC countries.

Under the treaty, investors will be able to use only one of the options available for judicial remedy - domestic law or arbitration under the United Nations Commission on International Trade Law (Uncitral) or the International Council of Societies of Industrial Design (Icsid). The treaty with UAE will be renegotiated in 2016, by which time India would have introduced the new draft in all

its investment agreements.The BIPPA with the UAE was put on

the fast track as the emirate insisted on signing the agreement before any fresh investments could flow into India after some Gulf investors ran into trouble. With the BIPPA now in place, the Abu Dhabi Investment Authority has lined up investments worth $2 billion that its representatives are expected to finalise soon.

The UAE is the 10th largest investor in India, the third largest Asian economy, in terms of FDI. Both nations are each other’s largest trading partners with bilateral trade totaling over $75 billion in 2012-13 fiscal. Khaleej Times reports that while the UAE’s investments in India have been just over $3 billion, investments made by Indians in the Emirates are estimated to be over $55 billion.

The India-UAE BIPPA will likely open up the possibility of realising a long delayed India-GCC Free Trade Agreement, which has been under negotiation for quite some time.

India has assured the UAE that it would address and protect the interest of Etisalat, DP World and EMAAR, who are mired in problems related to their investments in the country. In his bilateral meeting with UAE Minister of Economy, Sultan bin

Sayeed Al Mansouri, Commerce, Mr Anand Sharma said: "We will do the best under the circumstances to protect the legal interests of the UAE investors, without violating any judicial orders".

Sultan Bin Saeed Al Mansoori also address the CII Partnership Summit 2014 in Bangalore where he said that the UAE has the most liberal economy and is signatory to various bilateral trade agreements. The challenge is maintain a balance between the interest governing bilateral agreements and the broad goals of multilateralism. He said that the WTO should have a framework for bringing about an effective balance between regionalism and multilateralism.

The UAE controls the second largest Sovereign Wealth Fund in the world (over $600 billion) under the Abu Dhabi Investment Authority. It has voiced keenness to explore investments in major infrastructure projects in India but was awaiting the inking of the BIPA.

Figures released by the Indian Business and Professional Forum reveal that the UAE has investment interests in India mainly through Emaar and Etisalat while India has varied investment in the UAE, exceeding Dh200 billion.

STRATEGY

A Safety Net Around InvestmentsThe recently concluded India-UAE Bilateral Investment Promotion and Protection Treaty is expected to accelerate bilateral investment flows in a major way

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For further details please contact Mr Gurpal Singh, Confederation of Indian Industry (CII), 249-F, Sector 18, Udyog Vihar, Phase IV, Gurgaon 122015, (Haryana, India); tel: +91(124) 4014060-67; Fax: +91(124)4014080; email: gurpal.singh@cii.in

Copyright 2014 by Confederation of Indian Industry (CII), All rights reserved.

DISCLAIMER: No part of this publication may be reproduced, stored in, or introduced into a retrieval system, or transmitted in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of the copyright owner. CII has made every effort to ensure the accuracy of information presented in this document. However, neither CII nor any of its office bearers or analysts or employees can be held responsible for any financial consequences arising out of the use of information provided herein. However, in case of any discrepancy, error, etc., same may please be brought to the notice of CII for appropriate corrections.

Published by Confederation of Indian Industry (CII), The Mantosh Sondhi Centre; 23, Institutional Area, Lodi Road, New Delhi-110003 (INDIA), Tel: +91-11-24629994-7,Fax: +91-11-24626149; Email: info@cii.in; Web: www.cii.in

Country Exports (2012-13) % Growth (YoY) Imports (2012-13) % Growth (YoY)

Bahrain 603.47 37.16 664.66 (-)26.64

Kuwait 1,061.08 (-)10.19 16,588.13 0.90

Oman 2,599.49 96.61 2,009.72 (-)39.94

Qatar 687.18 (-)14.95 15,693.08 21.50

Saudi Arabia 9,787.78 72.18 33,998.11 6.85

UAE 36,316.65 1.09 39,138.36 6.48

Middle East & West Asia

Iran 3,351.07 38.97 11,594.46 -15.92

Iraq 1,278.13 67.30 19,247.31 1.74

Jordan 1,000.57 21.86 942.28 -36.46

Lebanon 250.55 8.05 30.01 39.98

Syria 258.77 -51.78 80.37 -54.95

Yemen Republic 1,477.27 102.19 958.92 -1.22

North Africa

Algeria 1,088.73 30.29 683.55 -67.63

Egypt 2,897.33 19.63 2,553.47 -14.95

Libya 215.30 253.07 1,834.80 4,687.03

Morocco 426.56 14.63 1,309.03 -21.07

Sudan 755.12 5.26 127.14 -70.49

Tunisia 298.79 4.61 215.34 30.95

India – Gulf & MEWANA Bilateral Trade Flows (2012-13)

FACTS & FIGURES

All figures in USD, Source: Ministry of Commerce, Govt of India

MEWANA - World Bank Ease of Doing Business Ranking 2013GCC GCC

Bahrain 46 Yemen Republic 133

Kuwait 104 North AfricaOman 47 Algeria 153

Qatar 48 Egypt 128

Saudi Arabia 26 Libya 187

UAE 23 Morocco 87

Middle East & West Asia Sudan 149

Iran 152 Tunisia 51

Iraq 151

Jordan 119

Lebanon 111

Syria 165

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The Egyptian Railways Maintenance and Services Co (ERMAS) has floated a tender for the supply of electric spare parts for locomotives (70 items). The tenders will be received until 12noon, February 26, 2014. For more details, Contact: Egyptian Railways Maintenance and Services Co, Al Sabtia Street, Roud Al Farag, Cairo, Egypt; Fax: +202-25761318; Ph: +202-25768035.

The Egyptian National Railways Purchase and Store Department has floated a tender for the supply of spare parts for EMD locomotives (modelJT42CWRM Tyres 692). For more details, Contact Egyptian National Railways Purchase and Store Department, Ministry of Transport, Egyptian National Railways (ENR), Purchase and Store Department, Cairo, Egypt; Ph: +202-25761337.

Leading Egyptian company Zad Industrial Pharma has expressed its interest to do business with reliable Indian companies in the field of agricultural/industrial/services. The company is seeking for project expansion/acquisition/start-up. Place of factory and space: Block 131, Industrial Area, Attakka-North Suez Gulf-Suez (5,500m). For more details, Contact: Embassy of the Arab Republic of Egypt, Commercial Bureau, 1/50 M, Nitibagh, Chanakyapuri, New Delhi – 100021, India; Ph: +91-11-26873818; Fax: +91-11-26885922; Email: newdelhi@ecs.gov.eg. Company contact information: Zad-pharma@yahoo.com; h.haroun@zadpharma.com; Fax: +202-26846368.

BUSINESS INFORMATION

LIBYA

New opportunities for Indian pharma firms in Libya Under the Market Expansion Activities (MEA) Scheme of the Ministry of External Affairs, Government of India, the

India Mission to Libya had commissioned a report on pharmaceutical sector in the North African country which appears to be a promising area of cooperation despite the fact that post-revolution Libya presents a hazy picture and not so reliable statistical data in the absence of proper and functional institutions.

The report underscores several important dimensions that would be useful to India’s pharma and healthcare industry. The Libyan pharmaceutical market has been estimated at $200-650 million and is largely provided for by the western pharma companies.

Indian Ambassador to Libya, Mr Anil Trigunayat, has said in a note to the MEA that Indian pharma firms could leverage the emerging opportunities in Libya that is fast opening up its economy to private players.

In order to bid for tenders for supply of pharma products to government hospitals and agencies, it is imperative that the Indian companies have their local pharma partners who can scout for suitable opportunities in a consistent manner.

Mr Anil Trigunayat has also recommended that Pharmexcil and other trade bodies should consider mounting BSMs as well as participation in healthcare exhibitions in Libya to derive the maximum advantage of their presence not only in Libya but in the whole of North African region.

The market assessment report provides the contact details of major pharma companies as well as registration process etc. for the benefit of Indian pharma exporters.

EGYPT

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OPPORTUNITY

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OPPORTUNITY