The Bahrain Economic Development Board (Bahrain EDB), an agency that has a mandate to attract investments into the Kingdom, on Thursday said it has been receiving steady investments from various sectors including financial services, manufacturing, logistics and technology from India since 2019.

Foreign Direct Investments from India to Bahrain have been growing at 36% between 2019 and 2023, adding an average of $102 million annually, with total FDI stock reaching $1.52 billion in 2023, it claimed.

Indian entrepreneurs and businessmen have been showing more interest in investing in the Kingdom, which offered better connectivity to larger markets globally, observed an of Bahrain EDB.

Noor bint Ali Alkhulaif, Chief Executive of Bahrain EDB and also Minister for Sustainable Development, Bahrain said, this year (2024) so far the board captured $35 million, including commitments for $16.65 million it received in the last few days from three Indian firms in manufacturing, renewable energy and ICT.

Commenting on Bahrain’s air connectivity and logistical advantage, Ali Al Mudaifa, Chief of Business Development, Bahrain EDB said,’‘We are well connected to India with 15 flights in a week. Plus, we also have strategic access to growing markets: some 493 million customers in The Middle East and North Africa region, with an addressable market pegged at $4 trillion and some 59 million customers in across GCC countries that offers a market of $2 trillion.’‘

He also said a large Indian healthcare provider was currently in the process of finalising an investment of $50 million in Bahrain. This was in addition to several such investments from across industries in the pipeline.

According to data released by the delegation, Bahrain economy’s dependence on its mainstay business, oil & gas, has declined significantly from 40% in 2003 to 15.9% in 2023. Financial services currently accounts for 16.7% of its economy, followed by manufacturing with a share of 14.9%.