Seven Indian firms have invested a total of $3.1 million in Bahrain’s Information and Communications Technology (ICT) space in 2019.
These companies range from IT consultants to software and hardware developers, according to Bahrain Economic Development Board (EDB), the investment promotion agency for the Kingdom of Bahrain.
Benzy Infotech (support service arm for Akbar Travels), JKT Technosoft, Zeaway Tech (technology consultants), Expressbase, Zerek Technologies, Hacktech Solutions and Techno Path Solutions are the companies 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,” 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 $1.5-trillion Gulf market.”
Bilateral trade between Bahrain and India stands at about $1.3 billion. There is a sizeable Indian diaspora in the kingdom, at some four lakh, the largest foreign community.
Some prominent 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.
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