Bahrain and the seven deals: India signs record agreements to increase ties with the Kingdom
A visit by a Bahrain business delegation, coordinated by the Ministry of Industry and Commerce (MOIC) and the Economic Development Board (EDB), concluded with a series of business meetings and events in New Delhi and Mumbai. Bahraini companies announced seven deals with their Indian counterparts and 27 memorandums of understanding (MoUs) between key business organizations from both India and Bahrain.
The agreements reflect the broad range of relations between the two countries across a number of sectors, from chemicals to financial services and from ICT to health care. The delegation’s visit to India was part of a state visit led by King Hamad bin Isa Al-Khalifa.
The announcement of the business-to-business deals follows the news earlier this week that the Confederation of Indian Industry (CII), India’s premier business association, will be opening its first Middle East office in Bahrain.
The agreements announced include:
A further $30 million investment by Kerala Institute of Medical Sciences (KIMS) to expand its existing presence in Bahrain and to expand across the GCC.
A $30 million investment by Chemco Group is set to create 120 jobs by 2016.
Equitec, the financial technology firm founded by former JPMorgan employees, announced that it will expand its Bahrain office with the aim of targeting revenue of $2 million from GCC banks by end of 2015.
A distribution agreement was reached between Deeko Group Bahrain and Mankind Pharma, helping one of India’s leading pharmaceutical businesses to access to GCC market.
A deal was inked with Ion Exchange, India’s water and environment management firm, creating ten jobs in Bahrain with a new hub facility for the northern Gulf region located in Hidd.
Twenty jobs are set to be created by an investment from Equinox, which is establishing an operation in Bahrain to service its systems in oil and gas companies.
Bank of Bahrain and Kuwait (BBK) announced that it has been granted a license to open its fourth branch in India – with the branch in New Delhi set to add to its existing presence in Mumbai, Hyderabad and Kerala
Minister of Industry and Commerce Hassan Fakhro said: “We have seen nonoil trade between Bahrain and India grow over 135 percent between 2006 and 2011 bringing the figure up to $882 million in 2011. Total oil and nonoil trade for 2011 rose to $2.5 billion, up 280 percent from approximately $666 million in 2006. India is already the GCC’s largest trading partner, with bilateral trade forecast to have exceeded $175 billion in 2013.”
Kamal bin Ahmed, minister of transportation and acting chief executive of the EDB, said: “These deals are testament to the strong and growing links that we are seeing between Indian businesses and Bahrain and the wider Gulf market. As Indian businesses expand and grow they are looking to extend their presence into international markets and the same is true of many Bahraini businesses.
During the three-day visit to India, the MOIC and EDB coordinated business delegation participated in the Bahrain-India business seminar in New Delhi and a business seminar hosted by the CII in Mumbai.