New Delhi, May 09, 2017 : Bahrain and India’s bilateral trade is still squeezed at US dollar one Billion which needs to be expanded exponentially , given the proximity of the two Countries.
Bahrain- India bilateral trade and economic relations will reach new heights if the upward trend demonstrated in the latest trade figures persist. This was emphasised at an Interactive session with a high level Business Delegation from Kingdom of Bahrain held here today with PHD Chamber of Commerce and Industry.
The total trade between the two countries has been showing a declining trend since 2011, from US$1.3 billion and clocked only US$919 million in 2014-‘15 period. But, the period from 2006 to 2011, which saw big jump in trade relations between the two countries, were characterised by the dominance of hydrocarbon sector. The recent resurgence in trade volume, interestingly, is based on non-oil sector. Financial services, real estate, plastics, and automotive components are major contributors to the current uptrend.
It may be noted that Anwar Abdulrahman, Chairman of Al Hilal Group and Editor-in-Chief of Akbar Al Khaleej and Darwish Mannai. Shura Council Member ( Bahrain Parliament) and Chairman of Mannai Holdings is leading a high powered Business Delegation from Bahrain to India.
The event is a follow-up session to the successful Bahrain-India event held in February at the Gulf Industry Fair.
The delegation includes senior officials of the Al Hilal Group of Companies carrying requests from Bahrain businessmen looking at partnering opportunities with Indian Companies
It was emphasized that Bahrain being a virtually tax free Nation which also provides for hundred per cent foreign ownership to overseas investors on their in bound investments , it has not been able to receive the intended investments from friendly Country such as India.
In addition , it was also highlighted that India has a tax structure which is quite complex both on direct and indirect front has not been able to corner surpluses from business communities of Bahrain and therefore India needs to restructure and reshape its taxation policies to make overseas investments find a place in Indian federal structure.
The aforesaid observations were made during the interactive session by experts that took part in it and mainly comprising :
Chairperson , Al Hilal Group,and Editor in Chief, Akbar Al Khaleej Times Group of Publications, Anwar Abdulrahman , Senior Vice President and President Elect, PHD Chamber, Mr Anil Khaitan , Chairman, International Affairs Committee for Africa and Middle East, PHD Chamber, Mr Ranjeet Chaturvedi Chairman, Mannai Group, Bahrain, Mr Darwish Mannai and Proprietor , S K Kalra and Associates, Mr Surinder Kalra.
The panelists also stressed that Bahrain can be a better and safer gateway for India’s Investments in the GCC region and therefore it ought to take an advantage of this geographical advantage of Bahrain.
“The interactive session presents the opportunity to present the case to India’s largest apex chamber of commerce of the practical business requirements of the Kingdom’s companies from Indian companies“ said Mr Abdulrahman.
“This is a private sector initiative of direct interaction to explore the potential business ventures between Bahrain and India, and to discuss channels for mutual trade and promotion. We have widened the invitation directly to a number of companies in Bahrain and welcome their positive response.” Added Mr Abdulrahman
Bahrain serves as the gateway to markets in the GCC. India-Bahrain trade has surpassed one billion US dollars since in 2016.
“With FDI from Bahrain to India at US$ 140.73 million for the period April 2000-December 2016, there are obvious synergies between the two countries which can be built upon face to face between Bahrain and Indian Businessmen” added Mr Mannai.
“During the PHD Chamber’s visit to the Gulf Industry Fair in Bahrain we experienced at first hand the energy, the sincerity and the opportunities available not just directly in the Bahrain marketplace; but could also receive the benefits in partnering with Bahrain businessmen to develop direct business links” said Mr Anil Khaitan, President elect of PHD Chambers. “ Our inviation is acknowledgement of the energy and enthusiasm showed by Mr Abdulrahman and his team” concluded Mr Khaitan
The PHD Chamber and Bahrain Delegation is conducting a two day round-table discussion with leading industrialists as well as bilateral forum and B2B meetings.
“We are excited by PHD’s positive response to their first visit to Bahrain and heartened by their business-like approach for us to build on for future trade delegation visits from India to Bahrain” added the visit co-ordinator Ahmed Suleiman, Director of Public affairs of Al Hilal Group.
Besides it was also revealed during the session that the ideal areas of joint corporation between India and Bahrain could be construction , real estate , housing , oil and gas and host of other such areas as both Country’s businesses are quite accomplished in these areas and thus could be suitable for exploring business opportunities in them.