Push to bolster economic and trade co-operation

Foreign Minister Dr Abdullatif Al Zayani met India’s External Affairs Minister Subrahmanyam Jaishankar on the sidelines of the 19th Summit of the Non-Aligned Movement, currently hosted by the Ugandan capital city, Kampala.

The two ministers discussed the Bahrain-India friendship and co-operation relations, in addition to the diplomatic efforts exerted by both countries to bolster their political, economic and trade co-operation to meet their common aspirations.

Regional issues of mutual concern were also reviewed.

As reported earlier in the GDN, bilateral trade between Bahrain and India has reached between $750 million and $800m since the start of the year, based on preliminary data of the past few months – and there is an increased interest from both sides to boost the commercial ties further.

Indian Ambassador Vinod Jacob said the historic ties between the two nations continue to be strong, with both looking to explore new opportunities in different sectors.

“The emphasis on trade is a reflection of the strength of the bilateral partnership between India and Bahrain, and for over centuries, we have had this strong engagement in the commercial sphere between the two nations,” he told the GDN in a recent interview.

Mr Jacob explained that in 2005 the India-Bahrain bilateral trade was worth $575m. He added that he expected the trade to reach an estimated $1.3 billion during the financial year with both sides stepping up bilateral engagement.

Bahrain’s imports from India include rice, boneless meat, shrimp, sugar, fresh fruit and vegetables, machinery and engineering goods, medicines, jewellery and polymers.

Meanwhile, its exports to India include urea, methanol, mineral fuel, mineral oils and products, iron ore, aluminium, copper and bridge sections.

“Cumulative Indian investment in Bahrain was $1.4bn between April 2000 and June last year, while Bahraini investments are slowly increasing and it stands at $185m worth of foreign direct investment in India,” said Mr Jacob.

During a high-level Bahrain delegation visit to India last March backed by the Bahrain Economic Development Board, it was announced that two leading India-based companies, Aerolam Middle East and Titan Company Limited (Titan), would launch their operations in Bahrain with a total investment of approximately $45m.

Source: https://www.gdnonline.com/Details/1300875/Push-to-bolster-economic-and-trade-co-operation