An investment of US$ 3.1 million has been made by Seven Indian firms in Bahrain’s Information and Communications Technology (ICT) space in 2019.
According to Bahrain Economic Development Board (EDB), the investment promotion agency for the Kingdom of Bahrain, the investments are made by companies ranging from IT consultants to software and hardware developers.
These include Benzy Infotech (support service arm for Akbar Travels), JKT Technosoft, Zeaway Tech (technology consultants), Expressbase, Zerek Technologies, Hacktech Solutions and Techno Path Solutions that had made the investments.
“India is now Bahrain’s fifth-largest trading partner and trade between the two countries is on the rise. We have been particularly proud to see this longstanding relationship evolve with the times towards the technology space,” Mr Dharmi Magdani, Regional Director-India, Bahrain EDB, said.
“We are seeing growing interest from India in not only our manufacturing sector but also the ICT space. Bahrain’s nimble and innovative regulatory environment with a highly-competitive taxation system and 100 per cent ownership make the kingdom attractive to Indian scale-ups, unicorns, or technology companies seeking access to the growing US$ 1.5-trillion Gulf market.”
Bilateral trade between Bahrain and India stands at about US$ 1.3 billion. There is a sizeable Indian diaspora in the kingdom, at some four lakh, the largest foreign community.
Some leading Indian companies in the kingdom include Tata Consultancy Services, Tech Mahindra, Wipro, SBI Life Insurance, ICICI Bank, SBI, Mukta Cinemas and Chemco Plastics, among others.