Bahrain eyes Indian investments; King Hamad bin Isa to visit India

DAVOS: Presenting itself as a gateway to the Gulf region, Bahrain has sought huge investments from Indian firms across sectors and a high-profile delegation led by its King is likely to visit India next month.
Besides, Bahrain also wants to sign a new double taxation avoidance agreement with India, with which an investment protection pact is already in place, said Kamal Bin Ahmed Mohammed, who heads Bahrain Development Board (BEDB). He is also Bahrain's Minister for Transportation.

Showcasing Bahrain as an attractive business destination at World Economic Forum (WEF), Kamal bin Ahmed told PTI in an interview that Indian companies are among the most favoured in the Gulf nation.

BEDB is the agency mandated to attract foreign investments into Bahrain.

When asked who all are the prospective investors he was looking to meet at Davos, the BEDB chief said there were many and he was hopeful of getting some really major investment commitments from here.

"Soon after I return from Davos on Saturday, I would be travelling to India to attend an industry body meeting in Bangalore on Monday. Thereafter again I'll be in India in February as part of a major delegation headed by King of Bahrain, Majesty King Hamad bin Isa Al Khalifa.

"The visit is almost finalised and would be announced soon. The large high profile delegation comprising political and private sector leaders would visit Delhi and Mumbai. This would be a big delegation comprising of political leaders as well as trade and economic representatives," he said.

The BEDB's Acting Chief Executive also said that signing a double taxation avoidance agreement will be on the agenda during the forthcoming visit to India in February.

"The Board will also organise meetings between business communities from both the countries, as...private sector that serves as engine of the growth.

"Bahrain and India have a long-standing relationship. There are close to three lakh Indians living in Bahrain and over the years they have played a great role in the development of Bahrain in different sectors," he said.

Asked about the sectors that Bahrain wants Indian companies to come in, Kamal Bin Ahmed said they wanted investments from India across all sectors, especially those that can generate jobs.

"We are a well diversified economy unlike the rest of Arab world and oil accounts for just 20 per cent of its GDP.

"We want quality jobs for our people. Manufacturing and services both are our focus areas as we want jobs to be created," he said.

He listed out sectors like information, communications and technology, manufacturing and financial services for potential investments from India.