interview www.bahrainthismonth.com January 2021 7 CURRENT STATUS AND DEVELOPMENT OF TRADE In the present context, both countries have bolstered excellent trade and economic relations. “Key sectors include IT, construction and real estate, food products, iron ore and aluminum, energy, health and financial services. Though I must add that a huge potential is still untapped,” says HE. With Bahrain’s Economic Vision 2030, the gateway to the GCC market, has embarked on the journey of diversification of its economy with liberalisation of foreign direct investment (FDI) regime in a number of promising sectors such as financial services, ICT, logistics, manufacturing and tourism. “Several transformative economic reform measures and initiatives, taken recently by both governments for economic revival in the post COVID-19 scenario, have opened up new opportunities for bilateral trade and investment,” HE explains. In addition, India’s ‘AtmaNirbhar Bharat (Self-Reliant India)’ policy aims to make India a much stronger part of the global supply and value chain. “These developments have created a new, dynamic synergy between the two countries and have led to the opening up of new avenues for enhanced economic cooperation in sectors such as IT, Fintech, health and pharmaceuticals, defence, space, infrastructure and construction, and energy including solar or renewable energy,” HE adds. BILATERAL TRADE FIGURES “The bilateral trade and investment between India and Bahrain have shown a steady growth in recent years with our bilateral trade amounting to around US$ one billion in 2019-20,” highlights HE. India is the largest investor in Bahrain with a total investment of about US$ 1.74 billion, including the investment made by the Indian community in Bahrain, as of 2019. “Bahrain is the fourth largest investor in India from the GCC with an investment of US$ 180 million in 2019,” HE states. THE ‘PHARMACY OF THE WORLD’ India is the largest global supplier of generic drugs, and also the largest vaccine producer in the world. Hence, the country’s health and pharmaceutical sector has acquired special significance in the post COVID-19 scenario. “During the pandemic, India has come to be known as the ‘Pharmacy of the world’ having supplied necessary medicines including paracetamol and hydroxychloroquine to over 150 countries around the globe,” HE states. With more than 3000 pharmaceutical companies producing quality and costeffective drugs, India has become a global player with a presence in all pharma segments: patented, generic and over-thecounter. “This sector has huge potential of increasing bilateral trade and investment. This is evident from the fact that about ninety Indian and Bahraini pharmaceutical companies participated in the virtual B2B meeting organised by the Embassy in October 2020,” HE says. India is at the heart of international and multilateral collaborations in the production and supply of vaccines. At the moment, three major COVID vaccines are at advanced stages of development in India. “Oxford-AstraZeneca Vaccine will be completing 3rd phase trial in India in December 2020. We also have agreement for clinical trial of Russian Sputnik Vaccine. We have two other Indian vaccines i.e. Covaxin by Bharat Biotech International Ltd and by Zydus Cadila at advanced stages of trials,” HE states. THE ROLE OF CULTURAL EXCHANGE India and Bahrain have deep-rooted historical and cultural links dating back to Dilmun and Indus Valley civilisations. “The Indian community has immensely contributed in strengthening these links with some of the well-known Indian families in Bahrain having arrived in the Kingdom as far back as 200 years ago. The 200-year-old Shreenathji Hindu temple at the heart of Manama, and the ‘Little India in Bahrain’ project launched by the Government of Bahrain in December 2015 in the heart of Manama Souq area are testimony to that,” HE says. The Indian socio-cultural associations registered in the Kingdom have also been instrumental in strengthening cultural relations between the two countries. “This has been possible due to Kingdom’s policies of providing religious and sociocultural freedom to the expatriate community. To further deepen our cultural ties, India and Bahrain have also signed a Cultural Exchange Programme during the visit of Hon’ble Prime Minister of India Shri Narendra Modi to the Kingdom last year,” HE states. SIGNIFICANT DELEGATIONS Despite the restrictions presented by the pandemic, high-level political interaction continued between the two countries. “Hon’ble Prime Minister of India spoke on the telephone with His Majesty King Hamad in April 2020. Our External Affairs Minister also held a telephonic conversation with HE the Foreign Minister of Bahrain during the same month,” HE states. “Hon’ble External Affairs Minister of India, Dr. S. Jaishankar chose Bahrain among the first countries to visit in November 2020, as soon as the opportunity for undertaking physical visits opened up,” HE adds. HE the ambassador stated that the embassy looks forward to welcoming HE the Foreign Minister of Bahrain, Dr. Abdullatif bin Rashid Al Zayani, in early 2021 for the meeting of India-Bahrain High Joint Commission. “As the COVID situation improves, we look forward to more high-level political exchanges from both sides this year,” HE says. WEATHERING THE PANDEMIC HE states that India and Bahrain have cooperated and coordinated their efforts in fighting the pandemic. “The Indian community, too, has shown tremendous resilience and came together to help the needy members of our community during this time,” HE says.
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