By IANS,
New Delhi : India and Bahrain Wednesday signed eight deals and asked companies to enhance investments and trade on the back of strong people-to-people contacts.
Addressing the Bahrain-India Business Forum here, India’s Minister of State for Commerce and Industry E.M.S. Natchiappan said there were various opportunities for Bahraini companies to invest in India.
He said the recent economic reform measures easing regulations on foreign investments in various sectors, including retail and telecom, have made India a preferred investment destination.
“With the reforms being undertaken in India, there are several opportunities for Bahraini companies to invest in the country,” Natchiappan said.
The forum meeting was organised by the Confederation of Indian Industry (CII) on the occasion of the visit of Bahrain’s King Hamad bin Isa Al-Khalifa.
Accompanied by 150 member high-level business delegation, the king is on a three-day official visit to India.
The minister advised Bahraini companies to invest in the projects along the various industrial corridors that are being set up. These include the Delhi-Mumbai Industrial Corridor, Mumbai-Bangalore Industrial Corridor, Bangalore-Chennai Industrial Corridor and the Amritsar-Kolkata Industrial Corridor.
Natchiappan also highlighted the National Manufacturing Zones that are being set up by the Indian government and invited businesses from Bahrain to invest in these zones.
Addressing the forum meeting, Bahrain’s Commerce and Industry Minister Hassan A Fakhro said Indian companies must capitalise on the strong people-to-people contacts and enhance investments in Bahrain.
Indians have a strong presence in Bahrain. The number of Indian expatriates in Bahrain is estimated at around 350,000, which is one third of Bahrain’s population of 1.2 million.
India-Bahrain bilateral trade stood at $2.15 billion in 2012-13. It included $825.3 million worth of oil India imported from Bahrain.
Fakhro said around 2,200 Indian companies have set up operations in Bahrain and the number is expected to grow rapidly in the coming years.
Urging Indian entrepreneurs to enhance investments, Fakhro said Bahrain is undertaking reforms to further improve the business climate in the country.
“With these reforms, Bahrain could become an ideal location for Indian business to service the Middle East and North Africa (MENA) region,” he said.
During the forum summit meeting eight Memorandum of Understanding (MoU) were singed between companies and institutions of India and Bahrain.
It include MoUs between Bahrain Economic Development Board and the Confederation of Indian Industry (CII); Khaled-Al-Amin and Company and Dr. B R Shetty and Company; VKL Holding Company and Ansal Buildwell Ltd; Bader Group of Companies and Prime Media Group; Bahrain Business Women’s Society and Business Professional Women in India: Nader & Ebrahim s/o Hassan Company and Sanghar Exports; National Cement Company and Liberty Group and Haji Hassan Group and Ashtech India Private Limited.