India and Bahrain on Wednesday signed eight deals and asked companies to enhance investments and trade on the back of strong people-to-people contacts.
Leaders of both sides, Prime minister Manmohan Singh and King Hamad bin Isa al Khalifa of Bahrain, who is accompanying a 150- member high-level business delegation, discussed latest regional and global developments and issues of mutual concern.
At the end of delegation- level talks, agreements, including MoUs on establishing joint high commissions and foreign service institutes, were inked.
The commission will be chaired by the foreign ministers of the two countries and will serve as an umbrella framework for bilateral cooperation.
The King’s three-day visit is meant to reaffirm Bahrain’s interest in boosting its deep-rooted ties with India, which boasts of a strong economy and many investors who can take advantage of Bahrain’s strategic location and investment incentives to enter the $1.5- trillion Gulf Cooperation Council (GCC) market.
Earlier, addressing the Bahrain-India Business Forum here, India’s minister of state for commerce and industry, EMS Natchiappan, said there were various opportunities for Bahraini companies to invest in India.
He said the recent economic reforms, easing foreign investments in various sectors such as retail and telecom, have made India a preferred investment destination.
“With the reforms being undertaken in India, there are several opportunities for Bahraini companies to invest in the country,” Natchiappan said.
The minister advised Bahraini companies to invest in projects along various industrial corridors being set up. These include the Delhi-Mumbai Industrial Corridor, Mumbai-Bangalore Industrial Corridor, Bangalore-Chennai Industrial Corridor and the Amritsar-Kolkata Industrial Corridor.
Natchiappan also highlighted the National Manufacturing Zones being set up by the Indian government and invited businesses from Bahrain to invest in these zones.
Bahrain’s commerce and industry minister Hassan A Fakhro, who is accompanying the King, said Indian companies must capitalise on strong people-to-people contacts and enhance investments in Bahrain.
Urging Indian entrepreneurs to enhance investments, Fakhro said Bahrain is undertaking reforms to further improve the business climate in
the country.
?With these reforms, Bahrain could become an ideal location for Indian business to service the Middle East and North Africa (MENA) region,? he said.
India-Bahrain bilateral trade stood at $2.15 billion in 2012-13. It included $825.3 million worth of oil India imported from Bahrain.
