Minister Al Zayani takes part in Bahrain-India Forum

New Delhi : Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani participated as key speaker in the second Bahrain-India Forum, organised by the International Institute for Strategic Studies (IISS), in cooperation with the Bahrain Economic Development Board (EDB), from May 25 to 26 in New Delhi.

The meet focused on the themes of diversification in challenging times and the specific geo-economics of the Gulf and South Asia region. Indian Minister of State for the Ministry of Commerce and Industry and Minister of State for Finance and Corporate Affairs, Nirmala Sitharaman also attended.

Reviewing the depth of historical trade relations between the Kingdom of Bahrain and India, Al Zayani noted that the Indian investments in Bahrain had recently crossed $1 billion, the total trade between the two countries in 2015 was US $650 million, with the estimated value of export and re-export to India at US $185m. 

He pointed out that Bahrain imports from India amounted to US $507m. Besides, there are 2,373 Bahraini companies operating with Indian investors, 18 branches of Indian companies and 150 Indian commercial agencies in Bahrain.

The Minister also noted about the Bahrain airport, which is undergoing a major expansion. Due for completion in 2019, the expansion is envisaged to increase the airport’s capacity from its current four million passengers to 14 million passengers. 

“Through our participation in the Greater Arab World Free Trade Agreement (GAFTA), Bahraini products exported to all Arab countries enjoy a duty free status. Bahrain was the first GCC nation to sign a Free Trade Agreement with the US and this year we celebrate 10 years of that success. Over the ten years our trade with the US has almost quadrupled where it stands at US $4 bn today,” he explained.

“Bahrain has signed 111 other trade agreements (covering issues like investment protection, double taxation avoidance, reciprocal exemption of international air transportation, economic and trade cooperation) with 40 other countries including India, China, United Kingdom and France to name a few,” Al Zayani informed.

According to the Minister, the recent reform in commercial laws allows foreigners a 100pc ownership status in most commercial activities as well as the flexibility to start and register companies or buy them as preregistered shelf companies. “With the launch of our new commercial registration platform “Sijilat”, we are confident to report that a Commercial Registration issuance process takes less than two minutes,” he added.

The 2015 index of economic freedom ranks Bahrain as the most economically free nation in MENA region and as the 18th most free economy in the world. The 2015 HSBC explore survey ranks Bahrain as the best overall experience in the GCC and overall quality of life as well as fourth overall in the world for expat satisfaction. 

Dr Jarmo Kotilaine, Chief Economist at the Bahrain Economic Development Board, Sir John Jenkins, Executive Director of IISS Middle East, Katadah Zaman, Managing Director of the IISS Middle East, representatives from the private sector and prominent policy makers from Bahrain and India were present.

A second forum with the U.K. is set to follow in London later this year.