India wants participation in Bahrain's oil exploration

New Delhi, Mar 20: India today expressed keeness to Bahrain to participate in its offer of new oil and gas exploration blocks as well as in the upgradation and enhancement of projects in downstream industries.

The offer was made by Minister of State for External Affairs E Ahamed to the visiting Bahrain Crown Price Shaikh Salman Bin Hamad Al Khalifa and the high level delegation accompanying him.

The occasion was a joint business meeting by FICCI, CII and ASSOCHAM with the Bahrain delegation. Those present on the occasion included Bahrain Minister for Industry and Commerce Hasan Bin Abdullah Fakhro and President of Bahrain Chamber of Commerce and Industry Essam Bin Abdullah Fakhro.

"Bahrain is offering new oil and gas exploration blocks. India is one of the largest consumers of oil and gas and our requirements are growing sharply due to demands of rapidly expanding economy. Our industry will be happy to participate in the explortaion ventures as well as in the upgradation and enhancement of projects in downstream industries," Mr Ahamed said.

Talking about India's growing outward flow of FDI, Mr Ahamad said there were several areas where Indian companies could share their expertise and experience with Bahrain. These include Information Technology, education, pharmaceuticals, telecommunications and construction.

Making a forceful case for closer engagement with Bahrain, Mr Ahamed said "India's growth story needs no elaboration. Today, there is a growing awareness of India in the Gulf countries, based on its rising economic profile." The Minister expressed satisfaction at the fact that the Bahrain government has provided expeditious approval to Indian Banks to start operations in that country. "I am confident that this would help strengthen Bahrain's status as an important and attractive financial hub in the region", he said.

Mr Ahamed called for creating institutional linkages in trade and investment, energy cooperation, culture and education. He also made out a case for creating enhanced awareness about India in Bahrain and vice versa. Mr Fakhro highlighted the advantages that will accrue to Indian companies by doing business in Bahrain. These included well established infrastructure, especially in financial services, zero rate of taxation, free exchange rate, zero duty on exports and imports, and access to markets of Middle East and North Africa.

He said a free trade agreement was under negotiation with the United States, and Bahrain was regarded as a fast growing and completely free economy in the Gulf region.

Besides, the far-reaching political and constitutional reforms encompass various segments of the government such as judiciary and bureaucracy.

''Complete freedom is provided to individuals and businesses.

There is thus a closer cooperation encapusating culture, education and business. This needs to be cemented in the background of historial ties since times immemorial. For instance, archaeological evidence points towards interaction between the Bilmun and Indus Valley Civilisation,'' he said.

UNI