NEW DELHI: India and Bahrain yesterday inked a tax information exchange pact to strengthen economic cooperation and joint investment (JV) between both the nations with the motive to strengthen the bilateral trade.
Moreover, the pact has been inked by the Bahrain delegation led by Prince Salman Bin HamadAl-Khalifa, the Crown Prince of Bahrain and Chairman of the Bahrain Economic Development Board (EDB) and also representatives from Bahrain Chamber of Commerce and Industry (BCCI).
Besides the Tax Information Exchange Agreement, a series of commercial and economic cooperation pacts were also inked, consisting a memorandum of understanding (MoU) between the Bahrain Chamber of Commerce and the Confederation of Indian Industry (CII) with the aim to strengthen commercial and industrial interests.
Furthermore, the scope for cooperation consists regular exchange of market information, business opportunities and economic delegations for boosting trade, investment and commercial exchange.
The India-Bahrain Business Council was also formed to develop economic, trade and technical relations between both the nations.
Kamal Bin Ahmed, Minster for Transportation and acting Chief Executive of Bahrain EDB, said “India is renowned worldwide for its expertise in ICT, so we are delighted to be gaining the expertise of one of the worlds best as we look to build on our own ICT sector in Bahrain. We hope that Indian businesses looking to access the Gulf market will benefit from this partnership as much as we benefit from their expertise.”
Reports suggest that trade and investment cooperation is following a strong growth path and the volume of commerce stood at $1.5 billion in the fiscal 2010-11.