Tvm: Bahrain, one of the fast growing economies significant to global firms in the Gulf market is beckoning IT companies from Kerala to set up shop there as a huge market opportunity exits for these companies. This was the highlight of a session on Investment and Market Opportunities in Bahrain organised in Technopark last week by the Group of Technology Companies in Kerala (GTech) in partnership with the Economic Development Board (EDB), Bahrain and Technopark.
The key speaker for the event was Ms. Dharmi Magdani, Country Manager – India, EDB Bahrain. EDB aims to enhance Bahrain’s economy by developing an economic growth strategy, enhancing the business environment through reforms, and promoting investment.
Bahrain offers easy and liberal visa policies along with the most liberal tax regime in the Gulf with no corporate income tax, no personal income tax and no wealth tax or tax on capital gains among other reliefs. Companies are allowed 100% foreign ownership with no ‘free zone’ restrictions. The country has an advanced legal environment based on British Common Law System. Bahrain offers a cost efficient business base and also the most educated, skilled workforce in the Gulf.
According to Binu Sankar, CEO, GTech, “There is immense opportunity for Kerala Companies in the areas of e-governance, Tourism and IT Training. Two to three companies might set up a representative office in Bahrain soon.”
According to Gartner, the Information and Communication Technology (ICT) Market in Bahrain is expected to reach $ 375 million by this year which is driven by products and services from the Government and the Private sector.
Around 23 companies participated in this session chaired by S Rama Rao, former President, GTech. Mervin Alexander, CEO, Technopark and Anoop P Ambika, Secretary, GTech were among those present.
Kerala IT News