Even today, there are several members of the royal family as well as several ministers in the Bahraini cabinet who have been educated in India. He recalled that during British rule, Bahrain was administered out of India. In fact, the currency in use was the Gulf Rupee issued by the Reserve Bank of India.
He pointed out that Bahrain counted India as one of its most important partners and stated that bilateral economic relations with India has played an important role in shaping modern day Bahrain. He stated that there were around 2200 Indian companies who had set up operations in the country and hoped that this number would grow rapidly.
He stated that Bahrain is undertaking reforms to improve the business climate in the country and he stated that with these reforms, Bahrain could become an ideal location for Indian business to service the Middle East and North Africa (MENA) region.
In his speech, E M S Natchiappan, Minister of State for Commerce stated that with the reforms being undertaken in India, there were several opportunities for Bahraini companies to invest in India.
In this context, he referred to the various industrial corridors that were being set up i.e. the Delhi-Mumbai Industrial Corridor, the Mumbai – Bangalore Industrial Corridor, the Bangalore – Chennai Industrial Corridor and the Amritsar – Kolkata Industrial Corridor. He also highlighted the National Manufacturing Zones that are being set up by the Government of India and invited business from Bahrain to invest in these zones.
The session witnessed the signing of eight MoUs between the business communities of both countries. These include MoU’s between:
The Bahrain Economic Development Board and CII
Khaled-Al-Amin and Co. and Dr. B R Shetty and Co.
VKL Holding Company and Ansal Buildwell Ltd.
Bader Group of Companies and Prime Media Group
Bahrain Business Women’s Society and Business Professional Women in India
Nader & Ebrahim s/o Hassan Co.WLL and Sanghar Exports.
National Cement Company and Liberty Group
Haji Hassan Group BSC and Ashtech India Pvt. Ltd.