MANAMA: The Kingdom of Bahrain’s attractive investment climate offers unparallel advantages to the foreign investments and serves as key to the national development, according to a leading businessman.
The Chairman of the board of directors at the Bahrain Chamber of Commerce and Industry, Khalid Abdulrahman Al-Moayyad in a statement was highlighting the importance of promoting the Kingdom’s investment atmosphere and promising economic opportunities at various regional and international gatherings.
He said that the focus should be on the main components of the investment environment and economic activities, including necessarily the political and economic reforms, the development projects and the incentives and guarantors put in place for investors, in order to achieve the expected results.
He applauded the efforts exerted by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the Economic Development Board (EDB), to enhance the Kingdom’s relations with friendly and brotherly countries, especially in the economic fields, and inform the international business community about the available opportunities in Bahrain, noting that such efforts will consolidate the country’s competitive potentials in attracting investments and promote it as a business-friendly one.
He pointed out that HRH the Crown Prince’s visit to Russia would develop the solid bilateral ties and build on the positive results of the historic visit of His Majesty King Hamad bin Isa Al Khalifa to Russia in 2008.
He added that strengthening Bahraini and GCC relations with Russian would benefit all sides, noting that the Crown Prince’s upcoming visit will create new areas of bilateral cooperation and come up with mechanisms to develop them, particularly regarding exchange of information and expertise in the economic and investment fields.
He asserted that the visit would provide an opportunity to discuss partnership opportunities between Bahraini and Russian investors, showcase the exportation potentials of each country, discuss ways to increase the volume of bilateral trade, address the obstacles facing efforts to develop bilateral economic relations and agree on the necessary mechanisms to set up trade and investment relations with Russian companies in order to have more access to the Russian market.
He said that the BCCI delegation that would accompany HRH the Crown Prince during the visit would submit proposals on ways to upgrade economic and trade and economic relations with Russia, including opening direct air flights between the two countries, promoting regular maritime trade routes, making Bahrain a route for trade between Russia and the countries of the region in the areas of import, export and re-export trade and transit trade, developing cooperation in the investment, technical and economic fields, and activating the economic and trade agreements signed between the two chambers.
He added that the cooperation areas to be discussed during the visit would include the industrial, investment and services fields.
Regarding the industrial field, the two countries would discuss cooperation in communications, information technology, aluminum, engineering, construction materials, pharmaceutical industry, biological applications, management of water resources, food packaging, tourism and oil equipment.
Concerning investment, the two countries will discuss cooperation in the fields of oil, gas and energy, infrastructure projects and public and private industrial projects.
As far as investment in the services sector is concerned, Al-Moayyad said that cooperation in the health care sectors, service technology, trade, financial and banking services; human resources development, training and education in the fields of information technology and projects management, tourism and food security would be highlighted.
He voiced pride in the Economic Development Board (EDB)’s initiative to invite BCCI to join the delegation to accompany HRH the Crown Prince during the visit, noting that BCCI will spare no effort to promote the Kingdom’s positive business and investment atmospheres locally and outside the kingdom in order to attract investors and companies to the country.
BCCI Chief extended sincere thanks and appreciation to the wise leadership for its incessant efforts to provide all support to the private sector in order to enable it to explore new markets and attract foreign investments and expertise.
He affirmed that the efforts of HM King Hamad bin Isa Al Khalifa, His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and HRH the Crown Prince have opened up new horizons of joint cooperation in various fields with all countries, including Russia.
He said that the visit would enable Bahraini businessmen to explore areas of bilateral investment, cooperation and partnership and pave the way for setting up Bahraini-Russian partnerships.