During our February 16 webinar "Cross-Border Business Development; Palm Beach & Bahrain" we were honored to have so many diplomats and professionals speak about the evolving relationship between the business and educational communities of Palm Beach and Bahrain, including Mr. Abdulrahman Juma, Chairman of Bahrain India Society
Thank you very much, Al. I am honored to join this webinar. I'm honored to present India Society for this important webinar cross border business opportunities.
Actually, since we had the webinar, the forum which you have mentioned, which we held under the sponsorship of EDB between Bahrain India Society and AmCham about two months ago, I am emphasizing and talking as myself a member of Bahrain India Society, to bring businesses, India, Bahrain and the USA, the three as a win win together. There are many reasons why we should visit this topic.
This is the 60th anniversary year of US Bahrain Free Trade Agreement, which remains a significant milestone in the relation between US and Bahrain. The FTA continues to offer unique, as mentioned earlier, unique opportunities for companies based out of the Kingdom to access the largest market in the world, the USA.
I think Indian companies who would set up in Bahrain would have a great role to play in the country. Especially Bahrain recently have introduced, as mentioned earlier, the Golden Visa arrangement whereby businessmen investors can avail a long term visas which will change the way business is done. It provides investors with the security to develop their businesses and bring in more foreign direct investment to the Kingdom.
Bahrain ambitious new five pillar plan for economic regeneration was announced in November 2021 and aligns with Bahrain Economic Vision 2030. Bahrain Minister of Finance and National Economy calls it comprehensive economic and fiscal plan, which is an investment in our region, our people, our business people and future buyers. The plan includes a regulatory package which is expected to simplify the process of business licenses, approval procedure and support, and supports $2.5 billion of foreign direct investment by 2023.
All of this will add to the attractive possibilities of the USA Bahrain FTA concession and undoubtedly enable Indian companies and investors to quickly set up in Bahrain to start exploring the new ways of engaging with the American market from here.
Indian Prime Minister Mr. Modi have set up an ambitious target of transforming India into $1 trillion economy within a decade. I believe this one of the channel of support could well be Bahrain. We have two key components to play a powerful role in our vision of robust US Bahrain FTA that confirms preferential status to Bahrain export into and the business scene powered by a major Indian payer. The Bahrain Indian Society, which seeks to ensure Bahrain Indian economic, commercial and cultural ties, would like to welcome Indian as well as Bahraini businesses to collaborate and participate in the opportunity for cross border trade between not two, but three countries. I look forward to the blossoming of this trade, in the days to come.
— Abdulrahman Juma
Chairman of Bahrain India Society