Major Bahraini companies are investing in India, as economic and cultural ties between the two countries grow stronger than ever, according to a top Indian official.

India has recently witnessed major investments from Bahrain in the areas of information technology, energy, entertainment and real estate, Indian Ambassador Balkrishna Shetty  told the Gulf Daily News, on the eve of the 61st anniversary of Indian independence.

"The Gulf Finance House is making a substantial investment in Mumbai," Shetty revealed.

"Bahrain Fibre Glass has won a major contract from Indian Railways for improving public facilities in railway coaches.

"Bahraini businessmen are exploring the possibility of investing in hotel industry, healthcare sector and many other service areas."

Bahrain and India achieved a major breakthrough in co-operation on the economic front following the official visit by Crown Prince and Deputy Supreme Commander Shaikh Salman bin Hamad Al Khalifa in March last year, when he addressed the captains of the Indian industry in New Delhi and Mumbai, said Shetty.

"It is heartening to note that the economies of both India and Bahrain are booming, thanks to the appropriate policies put in place by the respective leaderships," he added.

Shetty said India had implemented the cultural exchange programme signed during the Crown Prince's visit.

As part of the programme, a 10-member cultural troupe from the Indian Council of Cultural Relations has just arrived in Bahrain to perform for the Independence Day.

"We are also looking at operationalising the media agreement signed between our two countries," said Shetty.

"The agreement covers broadcasting of Indian programmes on Bahrain Television and the exchange of media teams between Bahrain and India."

The formal approval of the Bahrain-India Society has given a major thrust for economic co-operation between the two countries, said Shetty.

"The society includes leading Bahraini and Indian businessmen who are keen to take advantage of the conducive investment climate prevailing in both countries.

"Plans are now under way to set up an India-Bahrain Society in New Delhi."

The visit of Prime Minister Shaikh Khalifa bin Salman Al Khalifa to India in 2004 gave dynamism to the political relationship between India and Bahrain, recalled Shetty.

"The Indian population in Bahrain currently stands at around 290,000, and these figures are an index of the high regard Bahraini people attach to their Indian connection," he noted.

"In order to streamline this critical area of co-operation, Labour Minister Dr Majeed Al Alawi led a delegation, including top Bahraini businessmen, to India in April this year.

"An initial agreement on manpower and labour co-operation between our countries was signed during this visit, and the final agreement will be signed in October ."

India is keen to share its experience in empowerment of women and self-employment with Bahrain, said Shetty.

"As part of this process, Social Development Minister Dr Fatima Al Balooshi will make an official visit to India, starting on Sunday," he added.

"Her eight-member delegation will study small and medium sector development, enterprise development schemes, textiles and handicrafts, microfinancing and design/fashion technology."

India and Bahrain have a long history of friendship, understanding and trust, said Shetty.

"It is no longer the natural forces, but the intention of the people of the two countries to come closer and co-operate with each other which is driving the movement forward," he added.-TradeArabia News Service