The Bahrain India Business Forum has taken place in New Delhi in a bid to strengthen trade ties between the two countries and encourage mutual investment opportunities. The event was organised by the Confederation of Indian Industry in cooperation with the government of Bahrain to mark a visit from a 150-strong business delegation from Bahrain, including King Hamad bin Isa Al-Khalifa.
A number of Bahraini ministers spoke at the forum, outlining the reforms that the country is undertaking to enhance its business climate. Bahrain plans to diversify its economy away from oil, opening up a number of opportunities in other industries. At present, approximately 2200 Indian firms operate in Bahrain, a figure that the delegation would like to see increase.
The forum also highlighted the opportunities available for Bahraini businesses to invest in India. The Minister of State and Commerce pointed out the establishment of national manufacturing zones in the country, along with new industrial corridors, such as Delhi-Mumbai, Mumbai-Bangalore and Bangalore-Chennai.
Eight Memorandums of Understanding (MoU) were signed at the event, including an MoU between National Cement Company and Liberty Group.
“The Forum and the agreements signed further strengthen the economic ties between Bahrain and India. The fact that the agreements cover a range of sectors, including ICT, financial services, construction and industry, demonstrates the diverse range of opportunities in the Kingdom. Bahrain is uniquely positioned as the natural gateway to the US$1.5 trillion GCC economy, and the region’s favourable fundamentals create strong opportunities for Indian companies,” said H.E. Dr Hassan Fakhro, Minister of Industry and Commerce.
Edited from various sources by Louise Fordham
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