India – Bahrain discussed on Bilateral Cooperation in Financial Sector

India’s new Ambassador to Bahrain, Piyush Srivastava and Bahrain’s Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa hold meeting on October 4, 2020 and discussed bilateral cooperation between the two Nations.  They discussed several ways to strengthen India-Bahrain cooperation in the financial and business sectors. Both the countries reviewed the economic partnership and ways of strenghten it in order to provide to provide more promising investment opportunities. They also had a discussion on issues of common interest and the latest global economic developments.

India- Bahrain Relation

India is a close ally of Bahrain. The share political, socio-economic, military and cultural ties between them. Bahrain along with its GCC partners are amongst the world’s most prominent supporters of India’s candidacy for a permanent seat on the UN Security Council.

Background

Relations between India and Bahrain goes back to 5000 years ago. Origins of the relation lies to the period of Dilmun Civilization in Bahrain and era of Indus valley civilization in India. It is believed that Ancient Bahraini traders have carried out trade of Bahraini pearls with Indian spices from India. Further,  many of Bahrain’s most prominent figures share close ties with India. For instance, poet Ebrahim Al-Arrayedh was grew up in Bombay.

Recent Developments

  • December 2007- Bahrain India Society was launched in Manama in order to promote ties between the two countries. It was headed by  the former Minister of Labour Abdulnabi Al-Shoala.  Society is aimed at taking advantage of the development in civil society
  • 2014- Bahrain’s ruler Sheikh Hamad Bin Isa Al-Khalifa visited India. The two countries then signed a number of MOUs including a US$450 million of bilateral trade and investment. India provided its support for Bahrain’s bid for a non-permanent seat in the Security council for 2026-27.
  • Recently, in August 2019, Indian Prime Minister Narendra Modi visited Bahrain. This was the first an Indian Prime Minister visited the country. 3 MoUs on space, culture, the International Solar Alliance and the RuPay card were signed in the meeting. PM of India also inaugurated a US$ 4.2 million project to redevelop the  Shreenathji temple complex in Manama. Further,  Bahrain issued pardons to 250 Indian citizens imprisoned there.

Honours

Prime Minister Narendra Modi was awarded with the King of Bahrain Hamad bin Isa Al Khalifa awarded Modi with the Bahrain’s third highest civilian award- Member 1st Class of the King Hamad Order of the Renaissance.