Expo to benefit Bahrain, India firms
Manama, September 3, 2013
India's participation in major trade fairs and conferences in Bahrain will boost two-way investment flows and business partnerships, said a top Confederation of the Indian Industry (CII) official.
The Bahrain-India Economic Partnership Conference and Exhibition, organised by the CII, will be held from October 22 to 24 at the Bahrain International Exhibition and Convention Centre under the patronage of Industry and Commerce Minister Dr Hassan Fakhro.
"Bahrain's business friendly environment and the liberal tax structure make it extremely inviting to Indian businesses," CII president S Gopalakrishnan told Bahrain News Agency.
He said the strategic location of the kingdom was an opportunity for Indian businesses to reach out to key markets in the Middle East and North Africa region.
Bahrain is also the Gulf's most progressive and fastest growing financial centre, a key factor drawing Indian firms to the kingdom, Gopalakrishnan said.
Referring to an Indian interest in the downstream industry in Bahrain's steel, aluminium, petrochemicals and allied sectors, the CII head said that a feasibility study would soon be initiated.
"The CII will facilitate the participation of leading mining, energy and manufacturing companies in the event," he said.
"We believe Indian companies would benefit immensely from directing significant investments in Bahrain's untapped sectors of mining and minerals, tourism and infrastructure. These investments will also spur trade and investment flows between India and the GCC as a whole."
The India visit of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, in 2012 set in motion several joint endeavours, he said.
"In the absence of a free trade agreement (FTA) between India and the US, Indian firms operating in Bahrain could particularly benefit from the existing agreement between Bahrain and the US to access the US market on a preferential basis.
"Indian companies are increasingly going global and our outward foreign direct investment is growing. Bahrain has emerged as a highly attractive investment destination. We believe the FTA will bring more Indian companies to Bahrain," he said.
At the same time, the FTAs India has with several major countries could help Bahraini companies investing in India.-TradeArabia News Service