Mumbai, Feb 21 (IANS): Striving to reduce dependence on oil, Bahrain leaders Friday invited investment from India across sectors.

"Indian companies are looking for new markets. In such a scenario, Bahrain is the ideal investment destination, and going ahead, there is expected to be more mutual dependency between the two," Kamal Ahmed, transport minister and acting CEO, Bahrain Economic Development Board (BEDB), said here.

Expressing concern over his country's over-dependence on oil, he said that Bahrain now wants quality growth diversified across different sectors.

Terming Bahrain as the "gateway to the trillion-dollar Gulf market", Ahmed pointed out that his country's low costs of doing business and living makes it attractive for investments.

He was speaking at a high-level meeting of the Bahrain-India Business Forum, organised by Confederation of Indian Industry in association with the commerce and industry ministry of Bahrain and BEDB.

Bahrain's industry minister Hassan A. Fakhjro said his country is simplifying processes and reduce delays to make it an ideal location for businesses with the help of its strong infrastructure, including robust transportation and communication links.

CII Western Region Chairman R. Mukundan said production, banking, insurance, financial services and logistics are some key sectors, besides healthcare and education, which Indian companies could invest in that country.

Other speakers also cited the major competitive advantages offered by Bahrain in terms of cost of gas, electricity and manpower, and the single window access for all permissions for doing business.