Amid slowdown in the world economy, India and Bahamas trade is projected to touch at US$3 billion by 2020, said Dr. Mahesh Gupta, President, PHD Chamber.
India has potential to export commodities including ships, boats, mineral fuels, articles, among others of iron and steel to Bahamas as these commodities are majorly imported by Bahamas and are among India’s major export commodities.
India has potential to import commodities including plastic and articles, fish, organic chemicals, among others from Bahamas as these commodities are majorly exported by Bahamas and are among India’s major import commodities.
Both the nations have potential to expand trade and investments manifold in the coming times, said Dr. Gupta.
In fact, both the economies were at good value of trade at around US$3 billion in 2012-13, of which India’s exports to Bahamas were at US$2.7 billion and India’s imports from Bahamas were at around US$100 million, said Dr. Gupta.
However, trade between the two decelerated to US$125 million in 2014-15, of which India’s exports to Bahamas were registered at US$123 million and India’s imports from Bahamas were registered at less than US$1 million, he said.
A high powered delegation visited at PHD House from Bahamas to explore and expand give and take between the two economies.
The delegation from Bahamas comprised of Mr. Fredrick A. Mitchell, Hon’ble Minister of Foreign Affairs & Immigration, Ministry of Foreign Affairs and Immigration, Mr. Lowell Mortimer, High Commissioner, Ministry of Foreign Affairs & Immigration, Mr. Charlene Johnson from Ministry of Foreign Affairs & Immigration and Mr. Anthony Stuart and Mr. Clarence Rolle from Ministry of Tourism was led by Mr. Ashish Saraf, Honorary Consul of Bahamas, India.
B2B session was conducted between the businesses from Bahamas and India under the ambit of Trade and Investment Facilitation Services of PHD Chamber.
Business honchos from medium, small and large enterprises participated in the B2B session.
Mr. Fredrick A. Mitchell, Hon’ble Minister from Bahamas shared several business opportunities existing in Bahamas including tourism, agriculture, financial services and IT among others and also invited Indian business community to enhance business relations with Bahamians in these areas.
The delegation also assured of providing a great cooperation if Indian businesses start venturing into the country and enhance their trade and investment participation in Bahamas.