‘Bahrain can be partner in India’s growth story’
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Reported by Mahir Haneef
Ambassador of India to Bahrain Vinod K Jacob has called for deeper economic and commercial engagement between Bahrain and India so as to capitalize on the India growth story.
Speaking at an event organized by the Bahrain India Society, the newly-appointed ambassador pointed out the potential avenues for better cooperation between the two countries and said, “It is always possible to list out many more such opportunities, but in order to ensure efficient utilization of time, I will conclude here by stating that we invite Bahrain to be a partner in India’s growth story.”
Trade between the two countries has grown from USD575 million in 2005 to USD1.6 billion in 2022, the ambassador said while highlighting some of the sectors that would benefit from further cooperation.
Explaining further, the ambassador said, “On the investment front, India has the sixth place in Bahrain with a total of US$ 1.4 billion. We can explore new ways and new sectors to make progress. We have potential for cooperation and collaboration in IT, big data, fintech, renewable energy and the like.”
The Global Biofuel Alliance launched by Indian Prime Minister Narendra Modi on the sidelines of the G20 Summit in India was also highlighted by the ambassador. The global ethanol market was valued at USD99.06 billion in 2022 and is predicted to grow at a compound annual growth rate (CAGR) of 5.1 percent by 2032 and surpass USD162.12 billion by then, the ambassador noted.
As per International Energy Agency, biofuels are slated to grow from 3.5 to 5 times by 2050 due to Net Zero targets, he added. The ambassador called upon the Bahrain India Society, which comprises of Bahraini and Indian businessmen, to build on its memorandum of understanding (MoU) with the Confederation of Indian Industry (CII), India’s biggest trade association, that was signed in March this year during the India visit of Minister of Industry and Commerce H.E. Mr. Abdulla bin Adel Fakhro.
Along with highlighting the possible paths for increasing trade cooperation, the ambassador invited Bahraini citizens and residents to utilize the new Ayush visa category for availing treatment under the Indian systems of medicine such as therapeutic care, wellness, and yoga.