Tradition of openness
Incidentally, the relationship between India and Bahrain is more than 5,000 years old, dating back to the Indus Valley civilisation when Bahrain was the hub of the Dilmun culture.
Importantly, the association between the two countries has been quite friendly throughout and both nations have been engaged in business give and take as well as cultural exchange. In fact, Bahrain has served as an economic trade post connecting the Western and the Eastern halves of Asia throughout its history; a role it is very well positioned to play even today.
Unlike many other countries in the region, Bahrain's economic progress has been built on a tradition of openness. As an established hub for trade and investment, Bahrain has been a regional pioneer in a number of areas ranging from trading through oil exploration to finance and education.
It is these attributes that allow the modern day Bahrain to blend its educated national labour force with a diversified economy and a high degree of integration in global commerce.
"A key driver of Bahrain's growth is its favourable business environment. This country offers a unified jurisdiction with a tried and tested legal and regulatory environment, and minimal restrictions on foreign investment and ownership," said Husain Rajab, Executive Director of Manufacturing and Logistics, Bahrain Economic Development Board (EDB), whom I met during the trip.
"The Kingdom has one of the lowest operating costs and taxation systems in the region, and enjoys a reputation as the "Gateway to the Gulf", with the best market access to the economies of the Gulf Cooperation Council (GCC), comprising the Kingdom of Saudi Arabia, Kuwait, Oman, Qatar and the United Arab Emirates (UAE), a market which is valued at approximately US$1.5 trillion, and could reach US$2 trillion by 2020. Bahrain also has an established financial services sector with more than four decades of experience," Rajab added.
For the complete article, see the October 2016 edition.
The Editor travelled to Bahrain on invitation from the Bahrain Economic Development Board (EDB)
