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Bahrain in move to step up India trade ties

MANAMA, January 18, 2015

A delegation of Bahrain's Economic Development Board (EDB) recently visited India to attend both the 'Vibrant Gujarat' Global Business Summit in Ahmedabad and the Confederation of Indian Industry (CII) annual summit in Jaipur, where it was an event sponsor.

EDB representatives met representatives of Indian businesses looking to access Bahrain and the fast-growing GCC market during both events, reported the Gulf Daily News, our sister publication.

"India and Bahrain have a trading relationship that stretches back thousands of years. Our countries are highly connected economically and culturally, with a large number of Indian companies choosing Bahrain as a base to access the wider Gulf region. Bahrain provides an ideal gateway for Indian businesses seeking to access the region, as well as offering free trade access to the US," EDB executive director, business development, Vivian Jamal said.

"In Bahrain Indian businesses will find the most open economy in the GCC, with a competitive tax regime, world-class regulation, one of the most educated workforces in the GCC and high connectivity and access to regional markets."

In September, the CII announced that it would open its first Middle East office in Bahrain. The CII is India's leading business organisation, founded in 1895 with more than 7,200 members and an indirect membership of more than 100,000 enterprises from around 242 national and regional industry bodies.

The announcement is a result of the various roadshows to India in the past years, with the recent visit in February last year witnessing the signing of seven agreements between Bahraini companies and their Indian counterparts as well as 27 memoranda of understanding across a number of sectors, 12 of which were a direct result of EDB's efforts.

The delegation's visit to India was part of a state visit led by His Majesty King Hamad, which featured the co-ordinating of seminars and meetings by the Industry and Commerce Ministry and the EDB.

India and Bahrain have a longstanding economic and trade relationship. A large number of Indian businesses have already established operations in Bahrain as a means of accessing the wider Gulf market.

Leading Indian companies with offices or facilities in Bahrain include Tata Consultancy Services, Tech Mahindra, First Flight Couriers Limited, Kerala Institute of Medical Sciences, JBF Industries, Chemco Plastics, Canara Bank, ICICI Bank, Bank of Baroda and State Bank of India.

Seeking to strengthen and further build economic ties, the EDB established international offices in both New Delhi and Mumbai to provide assistance to Indian businesses looking to invest in the kingdom and to learn more about the regional investment opportunities. The EDB provides assistance to Indian investors interested in setting up in Bahrain throughout the entire process.

l Information Affairs Minister Isa Al Hammadi yesterday received Indian Ambassador Dr Mohan Kumar and hailed good relations bonding the two friendly countries and steadily growing co-operation on all levels.

They discussed ways of further bolstering co-operation in all fields. – TradeArabia News Service

Tags: Bahrain | India | Gujarat | Economic Development Board | Modi |

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