Key reforms being made in business sector: Minister

Manama : Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani, in his speech at the Bahrain-Kerala Business Investment Forum stressed on the various developments witnessed by the economy of the Kingdom.

“Bahrain’s economy witnessed several developments in terms of economic diversification and the reduction of its dependence on oil, where non-oil sectors currently account for more than 80pc of the kingdoms’ GDP. We are on course to implement a series of key reforms to enable the establishment of businesses, including facilitating the registration process, reducing the required minimum capital to launch a business, in addition to updating the collective funding, data protection and bankruptcy laws. The quality of these developments in the business environment will encourage Indian investors to establish operations in the region from Bahrain and take advantage of the opportunities on offer,” he said.

Khalid Abdulrahman Khalil Almoayed, Chairman - Bahrain Chamber of Commerce and Industry (BCCI) commented, “The Kingdoms’ economic and trade relationship with India is at the heart of our strategy to strengthen ties and links with major economies and global markets, as trade volume between the two countries exceeds one billion US dollars annually. The ties with Kerala will always remain strong. This is especially true considering the presence of significant economic contributions in a
number of sectors including professional services, construction and engineering. Bahrain is full of opportunities and competitive advantages that Kerala businessmen can take advantages of in order to enhance their presence in the region.”

Khalid Al Rumaihi, Chief Executive of the Bahrain Development Board extended his support in implementing strategic initiatives and projects that will bring mutual and long-lasting benefits to both parties.

“We appreciate the role Indian investment could play in strengthening the national economy and we seek to encourage this as part of the board’s role in attracting investments and contributing to the creation of job opportunities in the Bahraini market.” 

During the forum, Yusuffali M A, Managing Director of LuLu Group International confirmed that the group will be announcing a number of new projects in Bahrain later this year that will contribute to the growth of the group, which operates in the Kingdom and the region. 

“This forum, combined with the visit Pinarayi Vijayan, The Chief Minister of the state of Kerala, will enhance the investment and commercial ties between Bahrain and India,” he said.

Pinarayi Vijayan is in the Kingdom at the invitation of Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister and Chairman of the Economic Development Board Of Bahrain, HRH Prince Salman bin Hamad Al Khalifa.

EDB, the organisers of the forum has been working closely with its stakeholders in the public and private sectors to stimulate the business investment environment, and focuses on developing the competitive advantage of various economic sectors in Bahrain. 

The board has previously succeeded in attracting leading Indian companies and institutions to  make Bahrain home for its regional operations and offices, including ION Exchange, Mukhta A2 Cinemas, Electrosteel and Chemco. 

India and Bahrain enjoy close economic relations, with trade between the two nations reaching 253,954,683 million BD in 2015. India imports vegetables, fabric, raw metal, rubber and plastic products, elctronic and mechanical equipment, whereas Bahrain exports raw metallic minerals, chemicals, wood products, plastic and rubber products.