Manama -Government companies in Bahrain will invest in the $1 trillion India infrastructure market, announced Bahrain’s Minister of Transportation and Acting Head of the Economic Development Board (EDB), Kamal bin Ahmed.
He was speaking at the Overseas Indian Facilitation Centre (OIFC) investment promotion seminar in Manama, which was inaugurated by India’s Minister of External Affairs Sushma Swaraj in the presence of Bahrain’s Minister of Foreign Affairs Shaikh Khalid bin Ahmed Al Khalifa.
The new government in India has started putting in place the blueprint to execute a massive infrastructure upgrade which includes smart cities and industrial corridors connecting different parts of India. It is estimated that the projects will cost nearly $1 trillion over the next five years and the government of India will be floating an infrastructure investment trust and a realty investment trust as financial instruments with tax rebates to fund this development.
Ahmed, in his capacity as acting CEO of the EDB, signed an MoU with the OIFC’s co-chairman and director-general of the Confederation of Indian Industries, (CII), Chandrajit Banerjee, for the establishment of the Regional Office of the CII in Bahrain.
The office is expected to be located in the EDB building in Al Seef District and will help to drive and facilitate investor interest to appropriate projects in India. “Bahrain is very keen to work with India as a partner country and tap the global market,” Ahmed said.
“Government companies in Bahrain will look at investing in Indian infrastructure projects,” he said.
There was no comment on whether this will be through the government’s investment arm, Mumtalakat. Another key MoU that was signed to further Bahraini-India relations was between two facilitator organisations, OIFC CEO Charu Mathur and the Chairman of the Bahrain-India Society (BIS), Mohammed Dadabhai.
India committed to bringing back growth, says Sushma Swaraj Manama: India’s Minister for External Affairs Sushma Swaraj was greeted with a tumultuous welcome in Bahrain, her first official visit to the GCC, where she inaugurated the OIFC Diaspora Engagement Meet. As a guest of Bahrain’s Minister of Foreign Affairs, Shaikh Khalid bin Ahmed Al Khalifa, she represented the first interaction for the Bahrain Indian community with the Modi government. “I am overwhelmed by your warmth and I understand that this big hall has not seen such a crowd in recent times,” she told the cheering audience. “The fact that I chose Bahrain as my first port of call in the GCC and to conduct the OIFC Diaspora Engagement Meet, should tell you what tremendous importance India attaches to Bahrain in the GCC. I am also here to engage with the vibrant Indian community which has scripted many success stories and built an immense store of goodwill and respect for India abroad.” Calling the NRIs of the Gulf “India’s brand ambassadors”, Swaraj said the bilateral ties between India and Bahrain were underscored by a “convergence of views” and had recently been boosted by the visit to India of His Majesty King Hamad bin Isa Al Khalifa of Bahrain. Switching to Hindi towards the end of her formal speech, she said that the overwhelming majority of the BJP represented new responsibilities and said her government promised a focus on growth with good governance. The fact that the OIFC and the CII had come together under the eye of the Ministry of Overseas Indian Affairs (MOIA) to woo the diaspora sends out a clear signal that the Modi government expects Indians overseas to participate actively in the growth of the country. The upcoming Pravasi Bharatiya Divas in January 2015 in Ahmedabad will be more about striking deals than a mere hug fest as before. “Our government is firmly committed to bring back growth, have clear policies which will facilitate business environment, transparency and speed, well thought out decisions. The result is there before you in just 100 days,” Swaraj said, “GDP growth is showing early signs of recovery. Our focus is growth with good governance and transparency with eye on manufacturing, infrastructure and trade.” She added: “The huge gathering in this event signifies great hope from the government. This is the same hope that the Indian voters showed in elections recently. A big win comes with huge responsibility.” Welcoming the Indian diaspora, she said, “Come to India, set up industries and join our dream of growth. Things are changing in India and you will experience in engaging with us.” Swaraj met with Bahrain’s Prime Minister Prince Khalifa bin Salman Al Khalifa and later a dinner was hosted for her by Shaikh Khalid bin Ahmed Al Khalifa. Other speakers at the inaugural session included Chandrajit Banerjee, OIFC co-chairman and director general of the CII, and Prem Narain, secretary, Ministry of Overseas Indian Affairs and chairman, OIFC. Narain said, “India has consistently taken significant strides to establish an environment and institutions for a sustainable, symbiotic and mutually rewarding engagement with the Diaspora. The Ministry of Overseas Indian Affairs, with its various Institutions like OIFC and association with leading industry bodies has not only provided an enabling framework to facilitate economic engagement, but also positioned itself as the nodal point which Overseas Indians, Diaspora associations, stakeholders in trade, industry and governments turn to for information, partnerships and facilitation for all matters relating to overseas Indians.” Narain further added, “India and Bahrain have had strong trade relations but now is the time for business leaders from both sides to explore new opportunities and sectors for bilateral trade promotion. The presence of top leadership from both the countries is an assurance for a supportive and business conducive environment. A focused initiative like the Diaspora Engagement Meet is another step in this direction to strengthen the mutually beneficial engagement with Global Indians in Bahrain.” From the Bahraini side, Minister of Transportation and acting CEO of the EDB spoke of the Bahraini-Indian synergy. Meera Ravi |
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