Bahrain in move to boost S Korea trade ties
Manama, April 16, 2014
Bahrain’s Economic Development Board (EDB) is hosting a delegation of South Korean journalists from various high profile publications including financial ones to promote investment opportunities with Seoul.
It includes publications, such as JoongAng Ilbo, Maeil Business Newspaper, and The Korea Times, reported the Gulf Daily News, our sister publication.
The trip follows a visit to South Korea in 2012, led by HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister, and EDB as well as a recent visit by the Korean Chamber of Commerce and Industry (KCCI) to Bahrain.
The three-day visit will include meetings and interviews at a number of public and private sector institutions, including; the Central Bank of Bahrain, the Bahrain International Investment Park, Korea Exchange Bank and Hyundai Heavy Industries.
"There are many investment opportunities between South Korea and Bahrain, and as one of the prominent Asian economies, we look forward to further enhancing our relationship," Transportation Minister and EDB acting chief executive Kamal Ahmed said.
"Given Bahrain's strategic location, it has much to offer potential investors. The GCC economy is currently worth more than $1.5 trillion and is expected to reach $2 trillion by 2020.
"Thanks to low operating costs, a highly skilled workforce, and excellent transport links to the other GCC countries and the wider Middle East, as well as a host of other benefits, Bahrain is an ideal platform from which South Korean businesses can access fast economic growth in the region," he added.
Bahrain and South Korea have established strong economic and diplomatic ties since the reopening of the South Korean embassy in Bahrain in 2012.
Currently, there are around 300 Korean nationals living in Bahrain and the total trade, excluding crude oil trade, between South Korea and Bahrain in 2011 was $364 million.
Other South Korean companies present in Bahrain include Samsung Electronics, Hyundai Heavy Industries, Korea Exchange Bank, and Woori Bank. – TradeArabia News Service