HRH the Crown Prince is welcomed on his arrival in Moscow
Bahrain, Russia to open new trade relations
Moscow, April 28, 2014
Bahrain and Russia are set to open a new era in trade relations, HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, said as he arrived in Moscow yesterday (April 27).
The Crown Prince, who is accompanied by a high-level business delegation, arrived at Vnukovo Airport at the start of a three-day working visit to Russia, reported the Gulf Daily News, our sister publication.
The visit will focus on trade and investment, culture and tourism, and civil aviation, the Crown Prince said on arrival.
The visit is in response to an official invitation extended by Russian Prime Minister Dimitry Medvedev and coincides with the Bahraini-Russian Business Forum due to take place tomorrow.
The team accompanying the Crown Prince will stay in Russia until Wednesday and engage in high-level talks with Russian officials and top businessmen in Moscow and St Petersburg.
The delegation will also attend a forum organised by the Economic Development Board, the Russian-Arab Business Council and the Russia-Bahrain Business Council.
The forum is intended to boost investment between the two countries through a number of sessions and one-to-one meetings with business leaders.
"It is a great pleasure to be visiting Russia as part of the Bahraini delegation," said EDB acting chief executive and Transportation Minister Kamal Ahmed. "Russia is an important economic and trading partner.
"In 2011, the total trade between our two nations stood at $134 million. Our existing relations are important, but given Russia's prominence as one of the world's leading economies we think there is more that can be done.
"Through visits such as these we look forward to further strengthening our relationship by interacting with expanding businesses and presenting a compelling proposition of Bahrain's low cost of doing business, highly skilled local workforce, and access to the fast-growing Gulf market, which is expected to reach $2 trillion by 2020."
Bahrain Chamber of Commerce and Industry chairman Khalid Almoayed added that the visit was important to strengthen links.
"Our visit to Russia, and participation in the Bahrain-Russia Business Forum, will enable us and our members to strengthen links with Russian businesses who are looking to access the fast growing Gulf market and capitalise on strong investment prospects," he said.
"In Bahrain you will find a diversified and highly connected economy that is a gateway for international businesses to access the GCC and the wider Mena region.
"We are excited to be speaking to so many Russian business leaders about Bahrai's compelling business proposition on this visit. Prospects for increased trade and investment between our two countries are strong and we look forward to exploring opportunities to build on our friendship and economic co-operation."
Bahrain and Russia have a longstanding economic relationship strengthened by growing trade. It was enhanced by establishing the Russia-Bahrain Business Council in 2008 by His Majesty King Hamad, which supports Russian industrial exports to Bahrain and assists Russian companies in implementing joint projects. – TradeArabia News Service