Indian Ambassador Attends THMC CONNECT Event, Highlights Strengthening India-Bahrain Economic Relations
TDT | Manama
The Daily Tribune - www.newsofbahrain.com
Email: ashen@newsofbahrain.com
His Excellency Mr. Vinod K. Jacob, Ambassador of India to the Kingdom of Bahrain, participated in the 4th edition of the THMC CONNECT event organized by the Thattai Hindu Merchants Community (THMC) in Bahrain. The event, held on September 14, 2024, celebrated the contributions of the THMC towards Bahrain’s economic prosperity and its role in fostering stronger India-Bahrain relations.
In his remarks, Ambassador Jacob congratulated the THMC and its president, Mr. Mukesh Kavalani, for their efforts in enhancing Bahrain's economic landscape. He praised the community’s commitment to strengthening economic ties between India and Bahrain, while also bringing a global and cosmopolitan perspective to their initiatives.
Ambassador Jacob recalled the significant impact of Indian Prime Minister Narendra Modi's state visit to Bahrain in August 2019, noting that since then, cumulative investments between the two countries have risen by 40%, reaching US$ 1.6 billion. He highlighted that, between Q1 2023 and Q1 2024, Indian investments in Bahrain amounted to US$ 200 million, a 15% increase, positioning India as the sixth-largest investor in Bahrain.
Further emphasizing the strong economic cooperation, Ambassador Jacob noted that bilateral trade has also seen healthy growth, with the trade gap narrowing to just US$ 80 million in the past year. According to Indian government trade statistics, the India-Bahrain trade volume reached US$ 1.73 billion between April 2023 and March 2024.
Ambassador Jacob reiterated his dedication to further strengthening the bilateral relationship, particularly through the active engagement of Indian and Bahraini business communities, including the THMC, in the coming years.
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