Manama, March 18 (BNA): A high-level Bahraini delegation concluded its official visit to India, which took place from March 14 to 17, 2023, in New Delhi and Mumbai.
The visit was organized with the support of the Ministry of Industry and Commerce and the Bahrain Economic Development Board.
It aims to highlight the main investment opportunities in the Kingdom of Bahrain and to strengthen bilateral trade relations between the two countries. In line with the economic recovery plan, investment and business opportunities highlighted by the delegation focused on financial services, manufacturing, information and communication technology (ICT), logistics and tourism in Bahrain.
The delegation included more than 60 representatives from various public and private sector entities, namely the Ministry of Commerce and Industry, Bahrain Economic Development Board, Bahrain Chamber of Commerce and Industry, Bahrain Tourism and Exhibitions Authority, Bahrain Export Company, along with many of Bahrain’s leading companies and business associations.
The visit also witnessed the signing of a memorandum of understanding between Export Bahrain and the Confederation of Indian Industry (CII).
The event was attended by the Minister of Industry and Trade of Bahrain, Abdullah bin Adel Fakhro, and the Ambassador of the Kingdom of Bahrain to the Republic of India, Abdulrahman Mohammed Al-Qaoud.
Commenting on the visit, the minister said, “This is an important visit that will pave the way for more strategic partnership between Bahrain and India, at the governmental, economic and commercial levels. With a focus on key economic sectors, it is moving us another step closer towards achieving the goals stipulated in the economic recovery plan.” for Bahrain.
EDB Chairman Khalid Humaidan said, “India and Bahrain are strong trading partners with a long history of cooperation. The relationship between our two countries has gone from strength to strength since we entered into diplomatic relations at ambassadorial level since 1971. Today, non-oil trade continues to grow. Between the two countries, these visits are essential as we continue to focus on driving investment in key sectors of the Kingdom’s economy.”
The range of sessions and activities, which hosted senior Indian government officials, business representatives and potential investors, included the 2023 Partnership Summit accompanied by the Confederation of Indian Industry (CII) in New Delhi. In addition, the delegation attended two major networking events, hosted by the Bahrain Economic Development Board and supported by the Bombay Chamber, and CII in Mumbai.
According to the latest statistics, trade between the two countries reached US$1.4 billion in 2022, and the value of foreign direct investment inbound from India to Bahrain was US$1.4 billion as of the third quarter of 2022, which is about 4% of the total FDI stock. In Bahrain, it is $33.9. one billion.