The changing dynamics of Gulf-Asia economic and diplomatic links came up for discussion at a forum organised by Bahrain-based International Institute for Strategic Studies (IISS).

Sponsored by the Economic Development Board (EDB), the event was held in New Delhi, India, said a report in the Gulf Daily News (GDN), our sister publication.

Regional demographic and labour market trends and opportunities for Indian businesses to access fast growth in the Gulf, using Bahrain as a gateway, were among key takeaways of the discussions.

The forum opened with a keynote address by India's foreign secretary Dr S Jaishankar, while luncheon keynotes were delivered by EDB chief executive Khalid Al Rumaihi and India's Ministry of External Affairs secretary Anil Wadhwa.

The first panel session was chaired by IISS-Middle East executive director Sir John Jenkins and featured insights from EDB chief economist Jarmo Kotilaine and Jawaharlal Nehru University professor P R Kumaraswamy.

Panel discussions on trends in demographics and labour migration in the Gulf and business opportunities for Indian investors in Bahrain were also held with HRH the Crown Prince's Court political and economic adviser Shaikh Mohammed bin Essa Al Khalifa, Indian Ambassador Dr Mohan Kumar, Labour Market Regulatory Authority chief executive Ausamah Al Absi, and Federation of Indian Chambers of Commerce and Industry secretary-general Dr Didar Singh.

“A number of Indian businesses have established operations in Bahrain to access the fast-growing Gulf region and in doing so, are adding long-term value to our economy and are creating high quality jobs for Bahrainis,” Al Rumaihi said.

“Events such as this are an important part of developing ties and learning from each other how Indian and Bahraini businesses can benefit from strong growth in both our regions, and what needs to be done if they are to continue to thrive and create jobs.”

India is one of Bahrain's most important trading partners, with total non-oil trade between the two countries in excess of $1.2 billion per year.

According to Sir John, a great transformation is underway with the six countries of the GCC diversifying their economies away from oil and gas and rapidly expanding affluent populations.

“This presents significant opportunities for international investors, particularly those in Asia, and especially India, given the two regions' historically close ties,” he said.

Last month it was announced that Indian businessmen and tourists have seen the greatest benefit of Bahrain's new visa policy, according to new statistics.

Indian nationals have been able to apply for eVisas since October last year, and since then have been issued more eVisas than visitors from any of the other countries made eligible by the changes in regulations.

Data from October to February reveals that 752 Indian nationals received eVisas to the kingdom, which is a 33 per cent share of the approximately 2,300 eVisas issued to nationals from 32 newly eligible countries.

Additionally, the second phase of updates to the kingdom's visa policy has allowed Indian business visitors and tourists to spend a longer time in the country.

From the first of this month, business visas are being issued with one month validity and are multi-entry, while visitors are issued multi-entry visas for three months. According to the 2015 Index of Economic Freedom published by The Heritage Foundation and the Wall Street Journal, Bahrain is the Middle East and North Africa's (Mena) freest economy.

Overall, the kingdom is ranked 18th out of 178 economies worldwide.

A number of leading Indian companies have established offices or facilities in Bahrain to access the fast-growing GCC market. These include Chemco, RBH MEDEX, First Flight Couriers, Ion Exchange, Pythhos Technology, Equitec Software Technology, Sun Shed Energy, JBF Industries, Canara Bank, Tech Mahindra, HDFC Bank, Bank of Baroda, Tata Consultancy Services, ICICI Bank and State Bank of India. The GCC market is currently worth $1.6 trillion and is expected to reach $2 trillion by 2020. - TradeArabia News Service