Bahrain’s Taha signs key partnership agreement with India’s Runaya

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

A partnership agreement was signed between Bahrain-based company Taha International Industrial Services and its Indian counterpart Runaya yesterday to boost the international growth of the Kingdom-based business in their export journey.

Present in the ceremony were Industry and Commerce Minister Abdulla bin Adel Fakhro and Indian Ambassador Piyush Srivastava.

The event, which was held at the Gulf Hotel, shed focus on a success story that was created to encourage export of transformational industries, taking into account their significant influence on economic growth and in line with Bahrain Economic Vision 2030.

Fakhro highlighted the importance of the long-standing and historical ties between Bahrain and India on all levels.

“In order to facilitate the trade of many other goods from the Indian subcontinent and other nations in the region, Bahrain has acted as a connecting point between the markets in the east and the west,” Fakhro said. “With India being one of our top ten international partners, our bilateral commerce in 2021 exceeded $1 billion, a phenomenal 26% growth from the previous year and exceeding pre-COVID levels.

“The Kingdom continues to diversify its economy in accordance with an economic vision for 2030, as seen by the impressive growth of the nation’s non-oil industry over the past several years and its objective to achieve net zero carbon emission by 2060.”

The Minister emphasised that the economic recovery plan includes six new strategies that would be put into place in the manufacturing, oil and gas, tourism, logistics, financial services, telecommunications, IT, and digital economy sectors.

Ambassador Srivastava pointed out that the GCC region has been a significant trade partner of India in view of trade and size of economy.

“Recent statistics, which suggest our bilateral trade in last year, grew over 55% and achieved its highest level of US dollar of 1.65 billion last year.

Similarly investments have increased from both directions. India is now the six largest investors in the Kingdom with accumulative investment of about US dollar 1.5 billion with over 3,000 companies registered in Bahrain,” the Ambassador said.