SBI to open branch in Bahrain
Monday, 02 December 2002, 20:30 IST
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DUBAI: Bahrain has approved the opening of a State Bank of India (SBI) branch in the island, a senior Indian official has said. Rajendra Abhyankar, secretary in the external affairs ministry, also said Bahrain would become the first Gulf country to sign an extradition treaty with India after the United Arab Emirates if formalities were completed soon. He was on a two-day visit to Bahrain. SBI already has an offshore operation in Bahrain. But a full-fledged branch was needed to serve the Indian community, said the Indian official. The issue was discussed during a meeting with Bahraini Prime Minister Sheikh Khalifa bin Salman Al Khalifa Sunday. "Shaikh Khalifa has given us an assurance in this regard and we can now look forward to completion of formalities by the Bahrain Monetary Agency (BMA)," he was quoted as saying in local news reports. The signing of the extradition pact was also discussed. According to Abhyankar, the treaty would strengthen the longstanding relationship between the two countries. "During the meeting we also discussed issues of cooperation in security intelligence," he told the local media. Abhyankar held talks with Deputy Prime Minister and Foreign Minister Shaikh Mohammed bin Mubarak Al Khalifa, Interior Minister Shaikh Mohammed bin Khalifa Al Khalifa and Oil Minister Shaikh Isa bin Ali Al Khalifa. He said Bahrain's authorities, particularly the interior ministry, would work on the necessary requirements in formalising an extradition treaty between the two countries. Earlier, during a meeting with the Bahraini Minister of Oil Sheikh Isa bin Ali Al Khalifa, the Indian official expressed his country's desire to increase its petrochemical imports form Bahrain. "India buys 30 percent of Bahrain's petrochemical exports and I think both sides will be happy to expand this," Abhyankar added. He also said the two sides have agreed in principle to set up joint ventures in the petrochemical industry. Bahrain and India also agreed to step up economic and technical cooperation and will hold regular meetings of their Joint Economic and Technical Cooperation Committee. The Indian embassy had recently hosted India Catex 2002, the third catalogue exhibition showcasing Indian goods and services in Bahrain and featuring an exposition of catalogues from more than 400 companies along with audio-visual shows on Indian economy, industry and tourism. While India and Bahrain have always enjoyed close economic and commercial relations, the past two years witnessed a spurt in economic and commercial activities. The trade in 2001 was $160 million, registering a substantial growth over last year.
Source: IANS
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