Bahrain in a move to stabilize the country’s economy has invited Indian companies through the government of India to leverage the country’s new policy and setup up their base of operations for the cryptocurrency, blockchain, robotics and other future tech-related businesses in the country.
The Bahrainian Economic Development Board (EDB) has already extended an official invitation to the government of India, and the country seeks to use external investments as well as the workforce to boost its economy, in a pattern similar to their neighbors, the United Arab Emirates and the Kingdom of Saudi Arabia.
The offer extended by the EDB is not specifically focused on the crypto and blockchain related businesses, but extends to other industry and business collaborations as well. EDB has already offices in the Indian capital New Delhi and the metropolis Mumbai. This is in the continuity of the roadshows held by EDB to bring more fintech companies on board the program, last year.
Simon Galpin, the managing director at the EDB, has expressed that the authority is “very keen” to engage the startups and the scale-ups coming from India alike. He is of the view that Bahrain will prove to be an excellent test market for such companies looking to grow in a diversified environment beyond India.
The authority has also eased the licensing and taxation processes along with taxation rebates provided for the startups and investors coming from India. EDB and the central bank of Bahrain are working together along with other government agencies to create a flourishing ecosystem for new startups moving into the country.