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Bahrain, Russia bolster ties in business forum

Manama, April 29, 2014

The Bahrain-Russia Business Forum, attended by a high-level business delegation from Bahrain alongside close to 200 key Russian business leaders, focused on enhancing bilateral activity with high level meetings and a panel discussion.

The meeting concluded in Moscow today (April 29). The business delegation’s visit came as part of an official visit led by HRH Prince Salman Bin Hamad Al-Khalifa, the Crown Prince of Bahrain, First Deputy Prime Minister and Chairman of the EDB.

The forum was organised by the Bahrain Economic Development Board (EDB), the Bahrain Ministry of Industry and Commerce (MOIC), the Bahrain Chamber of Commerce and Industry (BCCI), the Russian Direct Investment Fund, the Russian-Arab Business Council, the Russian-Bahrain Business Council and the Vnesheconombank (VEB).

Attendees at the forum listened to speeches by high profile business leaders from both countries, including Dmitriev Vladimir Alexandrovich, chairman of Vnesheconombank & co-chair of Russian-Bahrain Business Council, Khalid Al Moayed, chairman of the Bahrain Chamber of Commerce & Industry  and Kamal bin Ahmed, Minister of Transportation and acting chief executive of the EDB.

Kamal bin Ahmed said: “We see a great opportunity for us to strengthen our economic and trade ties with Russia, and businesses in Bahrain have a lot to offer Russia in exchange.”

“The economies of the Gulf Cooperation Council (GCC) – a market which is now worth over $ 1.5 trillion dollars - are continuing to diversify, with Bahrain at the forefront, offering exciting new opportunities for foreign investors and new products for export to foreign markets.

“Today’s event demonstrates our commitment to building stronger ties with Russia and working together so that both our countries benefit from fast growth in Russia and the GCC,” he added.

Khalid Al Moayed said: “Since His Majesty the King’s landmark visit in 2008, we have seen a rise in trade between Russia and Bahrain. In fact, between 2008 and 2011, non-oil goods exports from Bahrain to Russia grew tenfold.  The opportunity for Russian investors in Bahrain is significant, as the Kingdom is well-placed for investors interested in the whole region due to its excellent connectivity to the GCC market.”

A panel discussion covering the business environment in Bahrain also took place at the forum, which was well attended by key Russian business leaders. Ms. Vivian Jamal, Executive Director of Business Development at the EDB moderated the panel.

During the visit, Gulf Air, the national carrier of Bahrain, announced the launch of a new direct route from Moscow to the Kingdom. This announcement is in response to growing demand from businesses wishing to travel between Russia, Bahrain and the GCC. It was also announced that Russian citizens traveling to Bahrain will be able to receive a visa on arrival, with the aim of encouraging business and trade between the two countries. – TradeArabia News Service




Tags: Bahrain | Russia | Crown prince | Business Forum |

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