MANAMA: India-Bahrain trade has surged by almost 20 per cent since last year with the total value for just the first nine months of the year having already surpassed $1 billion, Indian Ambassador Alok Kumar Sinha has said.
“By comparison it was $981 million for the whole of last year and growth of almost 20pc is indicative of the mutual confidence of investors and traders in the two countries,” he told the GDN on the sidelines of a reception at India House yesterday.
The ambassador hosted the reception for a visiting Indian business delegation from the PHD Chamber of Commerce and Industry led by president Anil Khaitan.
“I’m very happy to note that there is an increase in the exchange of business delegations between the two countries and that this delegation is visiting Bahrain at a very important juncture.
“India and Bahrain both seem to be doing better despite the challenges in the global economy and an environment has been created to further boost trade and investment.
“I was delighted to read that for the first half this year Bahrain’s economy has reported 4.7pc growth in the non-hydrocarbon sector compared to 4pc last year,” he said.
As for India, Moody’s upgrade of India’s credit rating to Baa2 after 13 years, coming as it does after the country’s 30 rank jump in the World Bank’s ease of doing business index and IMF chief Christine Lagarde’s endorsement of the Indian economy, were all confidence boosters in India’s economic reforms, said Mr Sinha.
“One of the focus areas of this delegation is to explore collaborative arrangements in startups as India has the third largest startup ecosystem in the world.
“As the world moves to a digital economy based on innovation and entrepreneurship, India has taken the lead to become a Digital First economy,” said Ambassador Sinha.
According to him, the Indian government has taken various initiatives targeted at preparing India for becoming a knowledge economy and for bringing good governance to citizens through synchronised and co-ordinated engagement.
“Path-breaking reforms like Goods and Services Tax, Real Estate Regulatory Authority, Benami Property Prevention Act and the Insolvency and Bankruptcy Code are major transformational resets for a cleaner and more productive economy,” he added.
The reception was attended by public and private sector leaders from Bahrain.