Bahrain plans major Kazakhstan investment
Astana, April 15, 2014
Bahrain's His Majesty King Hamad has unveiled plans to sign major investment and trade agreements with Kazakhstan.
He urged businessmen to seize the opportunity - also revealing that Bahrain will join talks to establish a free trade zone with Kazakhstan, said a report in the Gulf Daily News (GDN), our sister publication.
His Majesty made his remarks at key talks sessions with Kazakhstan, thanking President Nursultan Nazarbayev for his kind invitation and warm welcome.
He commended President Nazarbayev for his keen interest in bolstering relations and boosting co-operation with Bahrain.
He hailed the memoranda of understanding which were signed yesterday (April 14), describing them a major boost to co-operation.
He said he was keen on providing a platform for Bahraini and Kazakh businessmen to exchange expertise and explore opportunities in key sectors, including Islamic banking.
He urged the government departments and the private sector to take part in Astana Expo 2017, unveiling plans to sign an agreement on encouraging and protecting investment, avoiding taxation and fiscal evasion.
He stressed the importance of the Bahraini-Kazakh Business Council in boosting trade and economic co-operation.
He also commended the Kazakh leader for showing great interest in consolidating co-operation with the GCC states.
"Bahrain and other GCC countries will hold negotiations on establishing a free-trade zone with Kazakhstan," he said.
He paid tribute to President Nazarbayev for backing steps taken by Bahrain authorities to protect national security and stability.
The King announced that Bahrain would join the Astana-based Islamic Food Security Organisation, which was first advocated by President Nazarbayev.
President Nazarbayev welcomed the King and his delegation.
He commended the first-ever Royal visit to Kazakhstan, describing it as a successful step into the future.
"This big delegation accompanying Your Majesty reflects your open heart," he said, saying that the two countries are embarking on joint co-operation.
He described Bahrain as an essential partner, commending its strategic location as a gateway to Arabian Gulf region.
"It is a sign of good omen that both Kazakhstan and Bahrain celebrate their National Days on December 16," he said.
He paid tribute to the King for the landmark development strides achieved in Bahrain.
He hailed the high standard of living in Bahrain, pointing out its established reputation as a regional financial centre. He outlined his country's fast development strides, with the Gross Domestic Product topping $220 billion.
Kazakhstan is embarking on a wide-ranging industrial push under the 2050 Development Programme. - TradeArabia News Service