India invested $200mln in Bahrain last year

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INDIAN investments in Bahrain have reached $200 million from the first quarter of last year until the same period this year, reflecting a 15 per cent increase, according to a top diplomat.

India is the sixth largest investor in Bahrain, said Indian Ambassador Vinod Jacob, adding that since the successful state visit of Indian Prime Minister Narendra Modi to Bahrain in August 2019, two-way cumulative investments have risen by 40pc to currently stand at $1.6 billion.

The envoy was speaking as chief guest at the fourth edition of an event, titled ‘THMC CONNECT’, organised by the Thattai Hindu Merchants Community (THMC) in Bahrain, at its auditorium in Manama.

The robust investment co-operation has been complemented by a healthy growth of bilateral trade with the gap shrinking to a mere $80m last year, said Mr Jacob.

According to the Indian government’s trade statistics, India-Bahrain trade reached $1.73bn from April 2023 to March this year, he added, highlighting that both countries have synergies in IT, logistics and manufacturing sectors.

Mr Jacob congratulated the THMC under the leadership of its president, Mukesh Kavalani, for contributing to the economic prosperity of Bahrain, towards strengthening India-Bahrain economic relations and also bringing a global and cosmopolitan outlook to the THMC.

The GDN reported last week that Bahrain Economic Development Board (Bahrain EDB) secured more than $16m in initial investments from Polymatech, an India based semiconductor company, to establish a facility in Hidd industrial area.

Polymatech’s Bahrain facility, to be established under the brand ‘Atri’, will produce key components for 5G and 6G networks, positioning Bahrain as a key player in the global semiconductor value chain.

The announcement was made during Bahrain EDB’s visit to India, covering key cities such as Mumbai, Bengaluru and Chennai, to promote Bahrain’s business environment and position as a regional hub for technology and industry.