“Bahrain’s non-oil trade with India has grown by more than 135% in the period between 2006 and 2011 to reach US$882 million in 2011. The overall trade volume that includes both oil and non-oil trade in 2011 amounted to US$2.5 billion, up over 280% over the US$666 million of 2006,” Minister of Industry and Commerce Dr Hassan Abdulla Fakhro told the businessmen and officials of both India and Bahrain.
In his opening remarks at the 1st Bahrain – India Conference and Exhibition, which is being held at the Bahrain International Exhibition Centre (BIEC), urged the Indian businesses to make the best use of Bahrain-USA Free Trade Agreement (FTA).
The opening ceremony was held under the patronage of Dr. Hassan A. Fakhro, Minister of Industry and Commerce, who is also Chairman of Bahrain Exhibition and Convention Authority, and Convention Centre in presence of INJAZ CEO Shaikha Hessa bint Khalifa Al Khalifa, Minister of State for Foreign Affairs Ghanim Al-Buainain, Minister of State for External Affairs, Government of India E Ahmed, Chairman of Bahrain Chamber of Industry and Commerce Dr. Essam Fakhro, Indian Ambassador Mohan Kuman and a number of senior official from Bahrain and India.
Dr. Fakhro delivered a speech praising the high level participation of the Indian delegation which is a testament to the close and long running relationship between Bahrain and India.
The Minister stressed that the economic and trade relationship and cooperation between the Kingdom of Bahrain and India, has been an important factor in enhancing development in Bahrain, which has to a large extent been achieved on the back of Asian manpower, skills and expertise.
Bahrain is home to 2143 companies with Indian ownership, a further 19 branches of Indian companies operating in the fields of aviation and management services, engineering, banking and telecommunications, and 116 commercial agencies.
Indian nationals, at around three hundred thousand, make up over 50 % of the expatriate population in Bahrain, with 65-70% of this total engaged in construction, contracting and maintenance sectors. However, there is Indian nationals working at all levels in practically all professions from carpenters to doctors, storekeepers to pharmacists, all of whom play a continuing and important role in Bahrain’s socio-economic development.
Dr. Fakhro highly valued the expertise of our Indian residents and welcome Indian investors in all aspects of our economy. The Government is doing everything it can to continuously improve the economic environment in Bahrain and in particular to remove any unnecessary delays in the administrative systems. We are proud of what we have achieved thus far; but the future is still to be written, and our economic and labour reforms, underpinned by democratic processes, strengthened by international and regional agreements and associations, will ensure that this will be a bright and prosperous future. India is an indelible part of our past, and will continue to play a role in our future.
He added that Industry and Commerce Minister is determined to achieve Vision 2030 targets, and for me this translates into providing a higher level of industrial and commercial services, more serviced industrial land availability, and to generally raising the standard of our already business friendly commercial environment. I have already mentioned the large number of Indian businesses that already exist in Bahrain, but we can do much more as Bahrain is the ideal location for Indian businesses to leverage on the excellent transport and communication links and Bahrain’s position within the GCC, to tap the enormous regional and wider Middle East region markets.
The Ministry of Industry and Commerce’s industrial policy, in support of the overall Government Vision 2030, is firmly anchored in the premise that manufacturing is important to promote economic growth and development, and a core element in that policy is making more industrial land available for future projects to support the growing demand, and to support manufacturing towards higher levels of innovation and productivity.
Encouraging and facilitating new investment in manufacturing in Bahrain is one of the key focus points of the 7th ‘Invest in Bahrain’ exhibition and forum, which will be held at the end of this month, and which I am certain will be even more successful than last year’s event which attracted more than 1000 participants. I am equally confident of the success of this Bahrain-India exhibition and conference.