Ms. Dharmi Magdhani, Country Manager, Economic Development Board, Bahrain, was the Chief Guest at the Workshop at FAPCCI. Mr. Shekhar Agarwal, President, FAPCCI, Mr. V. S. Raju, Senior Vice-President, Mr. Srinivas Ayyadevara, Chairman, International Trade & Relations Committee, FAPCCI, Mr. M V Rajeshwara Rao, Secretary General, FAPCCI and many other businessmen, industrialists and others participated in the workshop.Ms. Magdhani put forth in detail about the “Investment Opportunities in Bahrain” and business friendly environment through a presentation, covering the entire gamut of opportunities, and the role of Economic Development Board, was to create awareness among the business fraternity through this workshop and to have trade and investment relationship with Andhra Pradesh in I.T and Manufacturing Sector. The EDB, Bahrain, would act as a facilitator. She also mentioned that there is no corporate income tax, personal income, capital gain tax, full repatriation of profits and dividends are allowed. Their main aim is developing economic growth, enhancing business environment and promoting investment in Bahrain. The market share of oil and gas is 13% whereas financial services market share was the highest at 27%. Bahrain is ranked the 4th most favorable and liberal tax regime in the world.
Welcoming the Chief Guest, President, Mr. Shekhar Agarwal said Bahrain is a small island country in the Persian Gulf and has the freest economy in the Middle East and North Africa region. Industrial Sector in Bahrain contributes to 16% of G.D.P. Bahrain International Airport and King Fahd Causeway to Saudi Arabia provide an excellent transport network in the heart of the Gulf. Bahrain has the largest aluminum smelter plant with annual production of 525,000 metric tons. Taxation and imports laws apply equally to Bahraini and foreign companies. There is no personal income tax in Bahrain and it ranks as the 13th freest economy in the world.
Andhra Pradesh would be happy to share its experience and expertise with Bahrain in agricultural, small scale industries and infrastructure projects such as roads, railways and telecommunications. He was confident that through this visit of Mr. Dharmi Magdhani, the economic ties between the two countries will further expand with unambiguous support of FAPCCI.
Mr. Srinivas Ayyadevara, Chairman, International Trade & Relations Committee, FAPCCI pointed out that quantum of investment would be high.
Mr. Srinivas Ayyadevara, proposed vote of thanks.