Bahrain’s trade with India rose 31pc in 2016: Almoayyed
Manama : Bahrain’s trade volume with India has witnessed a huge jump recording a 31 per cent increase in volume to $990 million in 2016 as compared to the previous year period, said Undersecretary of Commerce Affairs Nader Khalil Almoayyed.
He was speaking at the Bahrain-India Business Forum organised by Bahrain Chamber of Commerce and Industry (BCCI) at the Bahrain International Exhibition and Convention Centre.
The event was held under the patronage of Minister of Industry, Commerce and Tourism Zayed bin Rashed Al Zayani.
“The import volume recorded during this period was around $500 million, while exports were recorded at around $487 million,” he said.
According to him, there are 3,181 companies currently registered in Bahrain with Indian partnership and 23 branches of Indian companies registered in sectors including aviation, services management, engineering, banking and telecommunications.
“We are planning to launch with our partners, an Export Development Center (EDC), to eliminate obstacles and ease the process of setting up a business in Bahrain,” he said.
In this regard, Bahrain Chamber of Commerce and Industry (BCCI) Chairman Khalid Almoayed told DT News that the trade relationship between India and Bahrain is developing at a
constant rate.
“We look forward to support the trade and investment ties with our Indian counterparts and also urge them to choose Bahrain as a hub and gateway to the MENA region,” he said.
Speaking about the forum, Indian Ambassador Alok Kumar Sinha told DT News that the forum has resulted in strengthening the bilateral trade relationship between the two countries.
Citing the cumulative FDI inflows from Bahrain to India, he said, “Statistics show an increase from $3 million in 2013 to $18 million in 2016.”
The Indian Ambassador also pointed out that the bilateral trade has surpassed $1 million.
“With this forum, we are looking for collaborations between the two countries and to develop the two countries economy,” he added.
The forum also mulled ways to enhance trade ties in various other industrial sectors.
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