Reuters Images/Hamad I Mohammed
OFFICIALS from Bahrain have travelled to India to promote investment opportunities in the kingdom.
The high-level delegation is being led by Industry and Commerce Minister Abdulla bin Adel Fakhro.
They will meet key Indian government officials, businesses, and trade bodies – during their visit which concludes on Friday.
The delegation, which is organised with the support of the Industry and Commerce Ministry and the Economic Development Board (EDB), will highlight investment opportunities in Bahrain across priority sectors, namely financial services, manufacturing, ICT, logistics and tourism, in line with the national Economic Recovery Plan.
The 63-member delegation includes officials from the public and private sector, namely the Bahrain Chamber, the Bahrain Tourism and Exhibitions Authority (BTEA), Export Bahrain, alongside representatives from leading Bahraini businesses and societies.
The delegation begin their visit by participating in the 2023 Partnership Summit accompanied by the Confederation of Indian Industry (CII) in New Delhi today and tomorrow.
They will meet several ministers, including Indian Commerce Minister Piyush Goyal, and Indian Micro, Small and Medium Enterprises Minister Narayan Tatu Rane.
The delegation will also be meeting Federation of Indian Chambers of Commerce and Industry (FICCI) director-general Arun Chawla.
Moving onto Mumbai on Thursday and Friday, the members of the delegation will meet representatives from multiple businesses and potential investors to highlight the kingdom’s value proposition.
Bahrain’s delegation will additionally host two networking events with Bombay Chamber of Commerce and Industry and CII.
Mr Fakhro highlighted the long-standing relationship between the two countries.
“Bahrain and India have always maintained close ties, going as far back as over 5,000 years,” he said.
“India is considered one of Bahrain’s top trading partners, with exports from Bahrain to India increasing by around 12 per cent per year between 2018 and 2022.
“Last year, bilateral trade between both the nations reached $1.4 billion.”
He described the trip as being a great opportunity to further investments between the two nations.
“This trip is a great opportunity for us to explore strategic business and investment opportunities for the mutual benefit of the economies of both nations and we look forward to meeting strategic stakeholders from various entities in India,” he added.
As of Q3 of 2022, inward FDI stocks of India to Bahrain reached $1.4bn, accounting for around 4pc of Bahrain’s total FDI stock of $33.9bn.
Under the Economic Recovery Plan, Bahrain aims to attract $2.5bn of FDI to the country by 2023.