India, Bahrain sign tax information pact
31 May 2012
India and Bahrain today 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 $1.7bn a year, with this agreement aimed at boosting that number.
Bahrain and India have traditionally maintained a strong and stable relationship, with diplomatic relations being established at the ambassadorial level since 1971. There are over 200,000 Indian residents in Bahrain and amomg the Indian companies that operate in Bahrain include: Tata Consultancy Services, Tech Mahindra, JBF Industries, Canara Bank, ICICI Bank, Bank of Baroda and State Bank of India.
The agreement was one of a number signed during a two-day state visit by a senior Bahrain delegation led by Prince 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 signed including:
A memorandum of understanding (MoU) between the Bahrain Chamber of Commerce and the Confederation of Indian Industry to promote mutually advantageous commercial and industrial interests.
The scope for co-operation, which comes into force with immediate effect, includes the regular exchange of market information, business opportunities and economic delegations for promoting trade, investment and commercial exchange
The formation of the India-Bahrain Business Council, established to develop economic, trade and technical relations between India and Bahrain, signed between the Bahrain Chamber of Commerce and Industry and the Federation of Indian Chamber of Commerce & Industry & The Associated Chamber of Commerce & Industry of India
A MoU between the governments of Bahrain and India to ''undertake a sustained effort'' to boost joint ventures and initiatives in ICT including measures on e-commerce, e-government and information security.
