Bahrain, India sign tax dealto boost ties

02/06/2012 08:37 AST

India and Bahrain announced the signing of a Tax Information Exchange Agreement to promote economic and joint investment between the two countries. According to the International Monetary Fund, total trade between the two countries currently amounts to $1.7 billion a year, with this agreement aimed at boosting that number.

The agreement was one of a number signed during a two-day state visit by a senior Bahrain delegation led by Salman bin Hamad Al Khalifa, the Crown Prince of Bahrain and chairman of the Bahrain Economic Development Board (EDB), including representatives from the EDB , Bahrain Chamber of Commerce & Industry (BCCI) and members of the private sector. The delegation was visiting Mumbai and Delhi to strengthen bilateral relationships between the business communities and to highlight investment opportunities in the Kingdom. In addition to the Tax Information Exchange Agreement, a number of commercial and economic cooperation agreements were also signed.

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 world's best as we look to build on our own ICT sector in Bahrain. High-value industries like ICT or financial services, which require a skilled workforce in order to thrive, are an important part of our economic strategy to create sustainable economic growth and employment. We hope that Indian businesses looking to access the Gulf market will benefit from this partnership as much as we benefit from their expertise."

Saudi Gazette