Bahrain to handpick Indian companies: Shaikha Rana

Manama : The Kingdom aims to handpick Indian-origin Fintech companies to give them a foothold in Bahrain, thereby enhancing Bahrain’s status as a “Gateway to the Gulf” and a hub of Islamic finance, said Dr  Shaikha Rana bint Isa Al Khalifa,  Ministry of Foreign Affairs (MoFA)’s Assistant Undersecretary for Arab & Afro-Asian Affairs. 

She was speaking at the Bahrain-India Business Forum organised by the Bahrain Chamber of Commerce and Industry under the patronage of  Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani at the Bahrain International Exhibition and Convention Centre here.

“India is an important trading partner of Bahrain, with bilateral oil and non-oil trade between the two countries  reaching US$988 million in 2016 (non-oil trade alone is US$649m, according to Ministry of Industry, Commerce and Tourism), making it clear that we have a very strong base on which we can build even greater investment and commercial cooperation,” Dr Shaikha Rana said.    

She asserted that the government of Bahrain is also keen that local high net worth individuals, angel investors and serial entrepreneurs are becoming active investors in start-ups in India. 

“The Ministry serves as a focal point for developing and coordinating many agreements which provide the framework for bilateral cooperation in fields such as justice and law enforcement, education and health care.”  

“As of January 2016, there are some 212,000 non-resident Indian workers and investors registered in Bahrain. Many Indian companies already operate successful joint ventures in Bahrain including the Royal Bahrain Hospital, and the US$200m JBF Industries plant in Salman Industrial City in Hidd. In total 3,181 companies in Bahrain have an Indian partnership and 23 branches of Indian companies have been established here,” she explained, also stating that Bahrain will host the next meeting of Bahrain-India High Joint Commission later this year in Manama. 

Dr Shaikha Rana further added that the exchange of visits between the leaderships of Bahrain and India will further pave the way for business opportunities, ultimately boosting bilateral economic and trade activities, and increasing joint investments. 

“The bedrock of our relationship is provided by people-to-people ties, with over 350,000 Indian residents in Bahrain. The Ministry of Foreign Affairs fully recognise the outstanding potential of our relations with India and has worked hard to give the highest-level impetus to our bilateral relations,” she said hailing the successful February 2014 visit of His Majesty King Hamad bin Isa Al Khalifa to India. 

Dr Shaikha Rana in her speech further encouraged the private sectors in both countries to develop strong and effective working relationships, and to further expand bilateral trade and investment.