There are seven IT companies that are interested in investing approximately $3.1 million or 210 crore rupees for Bahrain company formation.The monetary investment will help to improve Bahrain’s technology and communication. Bahrain Economic Development Board has approved the seven IT consultants of India to invest in Bahrain’s developmental sectors. The seven Indian IT firms include IT consultants, software developers, and hardware developers. The announcement of investment was made in 2019 through an official statement.
It is needless to say that India is an emerging global power, and this is the reason the Gulf country is keen to collaborate with India. According to the officials, India has been developing its IT sectors, and Bahrain wants to be a strategic partner in the technology domain. In order to make the investment easier, The Central Bank of Bahrain is trying to provide an investment-friendly environment. Once the investment is made, the digital business like data privacy technology, Robo advisory for monitoring the insurance, and regulatory sandbox will thrive.
According to the Bahrain Economic Development Board’s regional director Dharmi Magdani, the country is the fifth-largest business partner in India. The business between these two countries is rapidly growing, and now India has started showing interest in the manufacturing sector. The country’s tax system and of owning 100% of a company make Bahrain a lucrative business partner to India.
In 2019 while PM Narendra Modi visited Bahrain, he launched Rupay Card that is based on the payment system of India. On the other hand, Bahrain is the first among GCC countries to adopt government authorized cloud-first policy. As Amazon web services are all set to start up their data centre in Bahrain.