This article on Indo Bahrain techno-economic growth through smart and secured governance concept by the eminent author Dr. P Sekhar, Hon. Abdulrahman Mohammed Juma, Chairman Bahrain India Society, and CA. P.S, Balasubramanyam, Vice Chairman BIS who has critically analyzed the present facts and ways to expand the business and cultural ties between the two countries to get prosperity to the people. Further, the article highlights ways to fully take care of this through Secured Governance for getting funds from international sources for large Infrastructure projects like Smart City development for all-round growth. India could bring Innovators and startups to expand to ME and US markets taking advantage of the beneficial unique Trade agreements offered by Bahrain for business expansion.
Introduction
India and Bahrain enjoy excellent bilateral relations characterized by cordial political, economic, and cultural contacts. Our bilateral trade and commercial exchanges go back to about 5,000 years ago tracing their origins to the period of Dilmun Civilization in Bahrain to the era of Indus valley civilization in India.
Ancient Bahraini traders are believed to have carried out flourishing trade of Bahraini pearls with Indian spices from India. The presence of around 326,658 (323,292 NRIs & 3,366 PIOs) Indian nationals who comprise a third of Bahrain’s total population of 1.8 million is an important anchor of our bilateral relations with Bahrain.
History of Indo – Bahrain Relation
Relations between India and Bahrain go back generations, with many of Bahrain’s most prominent figures having close ties with India, and many have studied and learned their basics in India and are proud of this.
Trade and Economic Relations
India and Bahrain have had economic and trade relations for several centuries; these relations received fresh impetus from the oil boom of the early seventies. India has traditionally enjoyed a very strong trade relationship with Bahrain. Indian firms have long used the island Kingdom as a gateway to western markets. Relative prosperity and higher standard of living in Bahrain boosted global imports of goods and services, including from India. Bahrain’s Government’s policy of industrial diversification also played an important role in enhancing economic cooperation between India and Bahrain. More than anything else, new job opportunities attracted a large number of Indian expatriates to Bahrain. Bahrain serves as the gateway to the GCC market because of its location.
Sectors like healthcare are seeing increased activity from Indian firms. The GCC’s proximity to the subcontinent, its world-class logistics infrastructure, and the fact it is home to some of the largest logistics operators make it an easy win for Indian exporters. As well as excellent access to GCC markets, logistics and transport businesses in Bahrain enjoy duty-free trade through Bahrain’s numerous FTAs, including the first-ever US FTA with a GCC member. Bahrain also has the region’s best-value operating costs, up to 45% more cost-effective than the rest of the region.
India’s main items of exports to Bahrain are mineral fuels, mineral oils, inorganic chemicals, organic or inorganic compounds of precious metals of rare earth, Elam/radii/isotopes, cereals, nuts, fruits, articles of apparel and clothing accessories, etc., while main items of import from Bahrain are crude oils, mineral fuels, their bituminous substance, distillation, aluminum, fertilizers, ores/slags/ ashes of aluminum, iron, and copper, pulp, salt, printed books, newspapers, etc.
[Note: * Data April to October]
Expatriate Community
While Bahrain is a small …….