Bahrain’s economic delegation concluded its roadshow in India on a high note with several leading Indian companies expressing their interest in strengthening their ties with companies in the Kingdom. The visit was part of the EDB’s efforts to attract investments to the Kingdom to contribute to the creation of jobs in the local market. The delegation’s activities were centred in Mumbai, India. Organised by the Bahrain Economic Development Board (EDB) to promote investment opportunities in Bahrain, the delegation included officials from the EDB, the Central Bank of Bahrain and representatives of the private sector.
During the visit, Bahraini delegation met with officials from leading Indian companies, with ties to major international businesses, in the areas of trade, entertainment, financial services, Fintech, consultations, business solutions and ICT. The EDB organised a business forum to discuss opportunities with around 100 Indian investors and sector representatives. The visit also saw the signing of an agreement between the EDB and the Indian state of Maharashtra to create a framework for cooperation in the promotion of innovation in financial technology and to provide mutual support to the financial technology environment through training programmes.
Dr Simon Galpin, Managing Director at Bahrain Economic Development Board, said: “I am very optimistic about the results of this roadshow that will pave the way to a strategic partnership on the government side and between Bahraini and Indian businesses in vital sectors such as fintech, financial services, and ICT.” According to the latest statistics, trade between both countries has exceeded $1 billion. Bahrain’s industrial diversification policy has played a major role in boosting economic cooperation with India. Currently, there are more than 23 branches of Indian banks and companies registered in Bahrain, in addition to 3,181 joint ventures registered in Bahrain.
The Economic Development Board has attracted 76 companies with a total investment of BD305 million ($810 million), surpassing the record achieved by the Board in 2017 when it attracted 71 companies with a total investment of BD276 million ($733 million). Direct investments in the first nine months of 2018 were almost five times higher than investments in all of 2015.