Abdulnabi Al Sho'ala, Founder and Chairman of Bahrain-India Society said crude oil accounts for 40 percent of trade between the Gulf Cooperation Council (GCC) and India.

   The oil sector in the GCC presents opportunities for exploration to Indian investors, he said at a seminar in Bahrain.

   The volume of bilateral trade between India and the GCC could exceed $130 billion annually by 2013-14, according to the Associated Chambers of Commerce and Industry of India.

   Indian investors can benefit from the GCC oil industry, businessmen participating at the seminar said. They said Indian investors can also gain from several untapped sectors such as mining and minerals, tourism and infrastructure, in order to diversify trade relations between India and the GCC.

   Bahrain and the GCC have no other option but to look to the East. The global economic power has shifted towards Asia. The economies of Western trading partners have become static and shrinking, Al Sho'ala said.

   Once the free trade agreement between the GCC and India is signed, the volume of trade is expected to receive a 30 per cent boost, said Al Sho'ala, who is also chairman of Alfanar Investment Company.