EDB push to attract Indian investments
MUMBAI: The Economic Development Board (EDB) is expecting solid outcomes including foreign direct investment inflows into Bahrain from a three-day official visit to India’s financial capital.
Dr Simon Galpin, managing director of the EDB, said: “I am very optimistic about the results of this roadshow that will pave the way to a strategic partnership on the government side and between Bahraini and Indian businesses in vital sectors such as fintech, financial services, and ICT.”
“Bahrain and India have many common interests since both countries are seeking a transformation towards a digital economy, and an adoption of tech solutions by the financial services environment in both countries,” added the official while talking to the GDN on the sidelines of the roadshow.
Mumbai is a vital hub for financial services and technology in India.
The Bahraini delegation included officials from the EDB, the Central Bank of Bahrain and representatives of the private sector.
During the visit, the EDB organised a business forum which saw delegation members discussing opportunities with around 100 Indian investors and government officials.
The delegates promoted investment opportunities in the kingdom’s financial services, fintech and real estate sectors, pitching Bahrain as the ideal gateway to the $1.5 trillion GCC market.
The visit was part of the EDB’s efforts to attract investments leading to the creation of jobs in the local market.
Bahrain’s experience in creating a supportive environment for incubators and business accelerators represented by the Bahrain FinTech Bay was highlighted as were the competitive advantages like low operating costs, advanced legislation and economic openness.
The visit saw the signing of an agreement between the EDB and the Indian state of Maharashtra to create a framework for co-operation in the promotion of innovation in financial technology and to provide mutual support to the financial technology environment through training programmes.
The Bahraini delegation also met officials from leading Indian companies, with ties to major international businesses, in the areas of trade, entertainment, financial services, fintech, consultations, business solutions and ICT.
According to the latest statistics, trade between Bahrain and India has exceeded $1 billion.
The kingdom’s industrial diversification policy has played a major role in boosting economic co-operation with India.
Currently, there are more than 23 branches of Indian banks and companies registered in Bahrain, in addition to 3,181 joint ventures registered in Bahrain.
The EDB has attracted 76 companies with a total investment of BD305 million ($810m) this year, surpassing the record achieved in 2017 when it attracted 71 companies with a total investment of $733m.
Direct investments in the first nine months of 2018 were almost five times higher than investments in the whole year of 2015.
Source: http://www.gdnonline.com/Details/444481
