Bahrain-India bilateral trade is expected to hit more than $2 billion this fiscal year FY (2022-23), according to Indian External Affairs Ministry’s consular, passports, visa and overseas Indian affairs secretary Dr Ausaf Sayeed.
India’s fiscal year runs from April to March.
This follows growth of 54pc in FY 2021-22 taking the level of trade to $1.65bn.
Highlights
Indian exports to Bahrain were $900 million last fiscal, increasing by 70 per cent to log the highest growth in the region, while goods worth $800m were imported.
Major Indian exports to Bahrain are: Agri products, machinery and engineering goods, medicines, jewellery, polymers, private cars, ships, boats and floating structures.
Major Bahraini exports to India are: Urea, methanol, mineral fuel, mineral oils and products, iron ore, aluminium, copper and bridge sections.
India is among the top 10 trading partners of Bahrain and trade balance continues to be in its favour.
As per Bahrain Economic Development Board data, India is the sixth largest investor in Bahrain.
Cumulative Indian investment in Bahrain is estimated at $1.5bn as of last year - increasing by more than 35pc since 2019.
Prominent Indian companies in the kingdom include Tata Consultancy Services, Tech Mahindra, Wipro, SBI, ICICI Bank, LIC, New India Assurance, Mukta Cinemas and Chemco Plastics, among others.
As per Indian government statistics, total cumulative investment from Bahrain to India is about $185 million (in December 2013, it was only $31.55m).
The main sectors of Bahrain’s investment in India are real estate, information technology and engineering.
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