This came during the opening ceremony of the 1st Bahrain-Japan Business Forum which was held under the patronage of Industry and Commerce Minister Dr. Hassan Fakhro and organized by Bahrain-Japan Economic Cooperation Association (JBECA) ,In cooperation with the Embassy of Japan to the Kingdom of Bahrain , In the presence of the Ambassador of Japan to the Kingdom of Bahrain Hijiki Sumi Shigeki Sumi, and the Ambassador of the Kingdom of Bahrain in Tokyo, Dr. Khalil Hassan, and a host of senior officials of some of the ministries and government bodies and a number of businessmen and members of the Chamber of Commerce and Industry of Bahrain.
During the ceremony Dr. Fakhro delivered a speech said that the state visit of His Majesty King Hamad bin Isa Al Khalifa to Japan last year, featured a new milestone for the mutual beneficial prospects for both countries in several areas including industry and trade, energy, investments, services, and technological cooperation.
The Summit meetings with His Imperial Majesty the Emperor of Japan, the Honorable Prime Minister, and the joint State Level deliberations between the two countries have yielded a valuable Memorandum of Cooperation in manufacturing, small and medium enterprises “SMEs”, space technology, and energy planning, engineering and technology.
Dr. Fakhro added that during notable state visit in April 2012, Bahrain Business Forum was organized in Tokyo and attended by senior officials and business delegations from both countries. The Forum’s exchanges, presentations and business meetings contributed to several proposals for business deals and initiatives. Several follow up missions were fulfilled during the past few months, to highlight the outcome of the HM the King’s visit, including several visits by Japanese companies, agencies and associations such as SBI Pharma, Kinoshita Pearl, and Toppan Farms, the JCCME Business Mission, JETRO Business Mission, and Dr. Saburo Matsui’s visit to Bahrain. H.H. the Crown Prince last month reinforced these relation much further.
This has created challenging opportunities for businessmen on both sides. Japan is known throughout the world for its world class manufacturing and high productivity.
The automotive components sector, especially production of aluminum auto components as well as production of aerospace components are areas where vast untapped potential exists in Bahrain. Japanese auto majors already have a dominant presence in the region and the auto component “aftermarket” in GCC is estimated worth several billion dollars.
Japanese auto majors can capitalise on this opportunity to collaborate with businessmen in Bahrain to set up genuine auto spares manufacturing facilities for fast moving parts. Dr. Fakhro affirmed that bilateral initiatives focusing on innovation and collaborative ventures in high technology areas shall be highly welcome. On the other hand, there are good opportunities for the ICT businesses in Bahrain to tap into Japanese market. Japan’s Centre for Excellence programmes are good models for Bahraini industry and academia to emulate.
The Ministry of Industry and Commerce (MOIC) is the principle architect of all industrial, commercial and trade related policies in the Kingdom of Bahrain and is focused on continuous improvement of the commercial and business environment; making it easier to do business by removing trade barriers and impediments and developing bilateral and multilateral trade relations.
The Minister stressed that Bahrain is a mature and well-established business hub with the largest financial institutions in the Gulf. Bahrain provides a free, open, globally competitive and transparent business environment focusing on sustainability, skills and good governance.
Bahrain’s industrial strategy aims to strengthen the private sector by enhancing its competitiveness and facilitating it to expand the range of products and services in the domestic and international markets. Our thrust is on providing a world class infrastructure accompanied by an enabling yet effective regulatory framework.
Our unique mix of market access, skilled labour, low operating costs and zero corporate taxes has stimulated investment across a wide range of sectors. We have an established track record in a number of key sectors such as, manufacturing, retail, banking, tourism and many others with new sectors developing all the time.
The Kingdom of Bahrain has been ranked first in term of economic freedom in the Middle East and North Africa, and ranked seventh globally according to annual index (2012) published by “Fraser Institute”. The Kingdom of Bahrain was also ranked first in terms of economic freedom in the Middle East and North Africa and ranked twelfth globally according to “Heritage Foundation”. Forbes magazine also classified Bahrain as among the most welcoming nations for expats.
More recently, the ‘Global Free Zones of the Future’ top 50 rankings for 2012-13 released by FDI Magazine includes four zones in Bahrain – Bahrain International Investment Park (ranked 15th), Khalifa Bin Salman Port (ranked 16th), Bahrain International Airport (ranked 19th) and Bahrain Logistics Zone (ranked 30th).