Bahrain’s high-level delegation concluded its official visit to India, which took place from 14 to 17 March 2023, in New Delhi and Mumbai.
Organised with the support of the Ministry of Industry and Commerce (MOIC) and the Bahrain Economic Development Board (Bahrain EDB), the visit highlighted key investment opportunities in the Kingdom of Bahrain and designed to further enhance bilateral trade relations between the two countries. In line with the Economic Recovery Plan (ERP), the investment and trade opportunities highlighted by the delegation focused on Bahrain’s financial services, manufacturing, Information and Communication Technology (ICT), logistics, and tourism sectors.
The delegation included over 60 representatives from various public and private sector entities, namely the MOIC, Bahrain EDB, Bahrain Chamber of Commerce and Industry, Bahrain Tourism and Exhibition Authority, Export Bahrain, alongside several leading Bahrain-based businesses and business societies. The visit additionally witnessed the signing of a Memorandum of Understanding between Export Bahrain and the Confederation of Indian Industry (CII), in the presence of H.E. Abdulla bin Adel Fakhro, the Minister of Industry and Commerce in Bahrain and H.E. Abdulrahman Mohammed Al Qaoud, Ambassador of the Kingdom of Bahrain to the Republic of India, which outlined a framework to increase bilateral trade between the two entities.
Commenting on the visit, H.E. Abdulla bin Adel Fakhro, the Minister of Industry and Commerce in Bahrain, said: “This is an important visit that will pave the way for a more strategic partnership between Bahrain and India, on a government, economic, and business level. With a focus on key economic sectors, it moves us another step closer towards achieving the goals set under Bahrain’s Economic Recovery Plan.”
H.E. Khalid Humaidan, Chief Executive of the Bahrain Economic Development Board 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 ever since we entered diplomatic relations at an ambassadorial level since 1971. Today, non-oil trade continues to grow between both nations, and these visits are crucial as we continue to focus on driving investment into key sectors of the Kingdom’s economy .”
The lineup of sessions and activities, which hosted key Indian government officials, business representatives, and potential investors, included the 2023 Partnership Summit accompanied by the Confederation of Indian Industry (CII) in New Delhi. Additionally, the delegation attended two key networking events, hosted by Bahrain EDB and supported by Bombay Chamber, and CII in Mumbai.
According to the latest statistics, trade between both countries reached USD 1.4 billion in 2022, and Inward FDI stocks of India to Bahrain reached USD1.4 billion as of Q3 of 2022, accounting for around 4% of Bahrain’s total FDI stock of USD33.9 billion.
Source:https://www.bahrainedb.com/latest-news/bahrains-high-level-economic-delegation-concludes-a-successful-visit-to-india