India today asked companies from Bahrain to invest in the country, saying there were multiple investment avenues available here for the island nation.
Inviting businesses from Bahrain to invest in India, Minister of State for Commerce & Industry E M S Natchiappan said: "With the reforms being undertaken in India, there are several opportunities for Bahraini companies to invest in the country".
He asked firms from Bahrain to put money into the National Manufacturing Zones that are being set up by the Indian Government.
The two countries inked eight MoUs (Memorandum of Understanding) to enhance business cooperation.
Describing Bahrain and India as "natural partners", Commerce & Industry Minister of Bahrain Hassan A Fakhro said that around 2,200 Indian companies had set up operations in his country, and hoped that the number would grow rapidly.
He stated that Bahrain is undertaking reforms to improve the country's business climate.
"With these reforms, Bahrain could become an ideal location for Indian business to service the Middle East and North Africa (MENA) region," Fakhro said.
The ministers were addressing the Bahrain-India Business Forum organised by CII as part of the visit of King Hamad bin Isa Al-Khalifa of Bahrain to India along with a 150-member business delegation.
"There is a a need to expand bilateral cooperation between India and Bahrain in the fields of science and technology, culture and people to people relations. Some other areas in which the two countries can cooperate are agriculture and small and medium enterprises (SME) development," Chairman of CII International Policy Council Sunil Kant Munjal said.
The MoUs were signed between the Bahrain Economic Development Board and CII; Khaled-Al-Amin and Co and Dr B R Shetty and Co; VKL Holding Company and Ansal Buildwell Ltd; Bader Group of Companies and Prime Media Group; Bahrain Business Women's Society and Business Professional Women in India; Nader & Ebrahim s/o Hassan Co and Sanghar Exports; National Cement Company and Liberty Group; and Haji Hassan Group BSC and Ashtech India Pvt Ltd.
Bahrain is an important trading partner for India with non-oil bilateral trade in 2012-13 exceeding USD 1.3 billion. Over 350,000 Indian nationals work in Bahrain.
