HRH the Crown Prince
with Russian Foreign Minister Sergey Lavrov
Bahrain, Russia sign new trade agreements
Moscow, April 29, 2014
Bahrain yesterday (April 28) signed key trade agreements with Russia including revision in visa policies for Russian citizens travelling to the kingdom, direct Manama-Moscow flights as well as an investment co-operation fund.
Bahrain yesterday (April 28) signed key agreements with Russia at the start of an official state visit led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier.
The government also announced revising visa policies for Russian citizens travelling to Bahrain, with the aim of encouraging business and trade between the two countries, currently estimated to be worth more than BD50.5 million ($133 million), reported the Gulf Daily News, our sister publication.
Gulf Air, the national carrier of Bahrain, also announced the launch of a new direct route from Moscow to Bahrain in response to a growing demand from businessmen wishing to travel between Russia, Bahrain and the GCC.
Mumtalakat, the investment arm of Bahrain, is also set to sign a memorandum of understanding with the Russian Direct Investment Fund.
The agreement will see greater investment co-operation between the two funds and exchange of information.
"The agreements to be signed this week build on Russia and Bahrain's already valued economic relationship and put in place the foundations that will enable us to work together more closely in the future," said Transport Minister Kamal Ahmed.
"In particular, the relaxing of visa requirements for Russian business people and the new direct Gulf Air route from Moscow demonstrates our commitment to continually improving the ease with which business can be done between our two countries.
"Russia and the GCC are both leading growth markets with extensive expertise and opportunities in industries from oil and gas to financial services - there are strong prospects for more investment in the future," he added.
The delegation will attend the Bahrain-Russia Business Forum in Moscow today.
The forum is being organised by the Bahrain Economic Development Board, Bahrain's Industry and Commerce Ministry and Bahrain Chamber of Commerce and Industry, the Russian Direct Investment Fund, the Russian-Arab Business Council, the Russian-Bahrain Business Council and the Vnesheconombank (VEB). – TradeArabia News Service