May 26, 2014
Manama: The Economic Development Board (EDB) is hosting this week a Chinese journalist delegation to promote investment opportunities in the Kingdom and further strengthen bilateral ties between the two nations.
The journalists and editors represent a number of high profile Chinese publications including the China Business Journal, Global Entrepreneur, and Economic Daily. The trip follows the two nations celebrating 25 years of bilateral relations last month, and HM the King’s visit to the China-Arab States Expo Opening Ceremony as the first guest of honor, at the invitation of the Chinese Government.
The four-day visit includes meetings and interviews with a number of public and private sector representatives such as the EDB, Central Bank of Bahrain (CBB), the Bahrain International Investment Park (BIIP), Chinamex Bahrain Management Company and China Harbour Engineering. Additionally, the journalists will also experience Bahraini culture with visits to Bahrain Fort, traditional houses in Muharraq, and Al Fateh Mosque.
H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB said:
“Trade and culture ties have existed between Bahrain and China for years, evident in finds in archeological sites across Bahrain, dating to over 500 years ago.”
“Today, alongside trade, Chinese businesses have also been utilizing Bahrain’s status as the gateway to the GCC market, which is worth more than $1.5 trillion, and expected to reach $2 trillion by 2020. Leading Chinese companies, like Huawei, Bank of China, and China Harbour Engineering, are taking advantage of our low operating costs and highly skilled workforce by setting up business in Bahrain.”
In 2011, China became the largest importer to Bahrain, with non-oil imports totaling more than US$1 billion. With approximately 1,000 Chinese nationals living in Bahrain, China is currently the third largest non-GCC market for Bahraini exports.
In 2012, Diyar Al Muharraq signed an agreement with the China Middle East Investment and Trade Promotion Center FZCO (Chinamex) to establish and operate the first Chinese city development in the Kingdom of Bahrain. The Dragon City project will be marketed and managed by Chinamex and will be a large-scale trade platform with functions of product exhibition, retail and wholesale, with Chinese architectural and cultural aspects. The proposed Dragon City will house about 500 Chinese companies and is envisaged as a Chinese themed retail shopping mall. It will consist of a large number of markets and shops over a wide area of up to 120,000 sq. mtrs.
Notes to editors
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