Bahrain Delegation Continues Promoting The Kingdom In China

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October 26, 2014

Manama, Economic Development Board, 26th October 2014:A Bahrain business delegation on a 10 day visit to the People’s Republic of China continued its promotion of the Kingdom. The visit, organised by the Economic Development Board (EDB) in participation of the private sector, included high level meetings between businessmen as well as promotional activities aiming to attract Chinese investment to Bahrain.
As part of the efforts of the EDB to attract and develop direct foreign investment to the Kingdom, the Bahrain delegation held various joint meetings with private sector representatives and Chinese investors to showcase what Bahrain has to offer foreign institutions over the course of the delegation’s participation in the China Overseas Investment Fair. HE Kamal Ahmed, Minister for Transportation and Acting Chief Executive of the EDB, met with representatives from leading Chinese enterprises including China National Building Material Company and Commercial Aircraft Corporation of China.
HE Kamal bin Ahmed also met with his Chinese counterpart HE Mr. Yang Chuantang at the Transportation Ministry headquarters in Beijng, where the ministers discussed means of cooperation and exchange of experience to the vital sector to countries’ infrastructure which supports the world’s economies.
Meanwhile, a Bahrain Chamber of Commerce and Industry (BCCI) delegation led by First Vice Chairman Mr. Othman Alrayes held meetings with various parties including the China Council for the Promotion of International Trade (CCPIT), a government trade body responsible for the promotion of beneficial trade and economic opportunities for China and established in 1952.
Meetings were also held between officials from the EDB and representatives of main financial companies in Beijing to promote the financial sector in the Kingdom, which is considered a regional financial centre and host to the highest number of financial institutions and banks in the region.
The Bahrain delegation, represented by businessmen and officials from the private sector, discussed trade and investment opportunities with various Chinese companies. The EDB organised B2B meetings between Bahraini companies and its Chinese counterparts to discuss potential partnerships and trade opportunities.
The EDB also organised the Bahrain Business Seminar, held at the China Overseas Investment Fair, which was attended by various representative of public and private entities in China.
The seminar opened with a speech from Mr. Zhang Guobao, President of CODA, in which he stressed the agency’s efforts in finding investment opportunities abroad and noted that Bahrain provides a suitable environment for international investors, in particular those from China, given its investment facilities.
His Excellency Dr Anwar Al Abdullah, Bahrain’s Ambassador to China, highlighted the strength of relations between China and Bahrain, which is based on a consensus between the two sides on a number of issues regarding international and regional matters and developing economic exchanges between the Kingdom of Bahrain and the People’s Republic of China.
Mr. Othman Alrayes, First Vice Chairman, of the BCCI gave a speech in which he focused on the importance of the private sector in Bahrain to the development of trade cooperation with their Chinese counterparts in order to promote Bahraini investments in China.
The keynote speech was given by HE Kamal Ahmed, Minister for Transportation and Acting Chief Executive of the EDB, in which he emphasised what the future will bring for Bahrain and China is based on a well-established, historical business relationship. He considered the “One Belt, One Road” policy that China pursues in its relations with its economic partners, Bahrain and the Gulf states amongst them, to reflect the important role played by mutual interests in directing business relations between Bahrain and China for hundreds of years, and which is being played out once more now. The new Silk Road between China and the Gulf follows in the footsteps of the old road itself.
The delegation met with the Chinese media in order to familiarise them with the Kingdom’s economic environment, the facilities on offer to Chinese investors and the investment opportunities, particularly in the field of infrastructure where there are a number of government projects aimed at developing and strengthening the Kingdom’s infrastructure. The Chinese media expressed their interest in the Kingdom, the bilateral relations linking Bahrain to China and mutual trade between the two countries. The meeting was attended by HE Kamal Ahmed, Minister for Transportation and Acting Chief Executive of the EDB; Mr. Khalid Al Zayani, Honorary Chairman, Al Zayani Investments; Mr. Samir Nass, Chairman of the Nass.
The economic delegation to China includes: EDB; Central Bank of Bahrain; Bahrain Airport Company; Mumtalakat, the Bahrain sovereign wealth fund; Tamkeen, the Bahrain labour fund; Bahrain Chamber of Commerce and Industry; Citi Bank; Al Amal Group; AJM Kooheji Group.
The EDB established an office in China in 2013 as part of its strategy to attract FDI into the Kingdom. The office is based at the Bahrain Embassy in Beijing, although it also operates in Hong Kong, and is headed by Mr. Yun Jiang.

EDB Aims To Attract Chinese Investment Into The Kingdom

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October 24, 2014

Manama, Economic Development Board, 24 October 2014: HE Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Economic Development Board (EDB) met with Mr. Fang Aiqing, Vice Minister of Commerce as part of the Bahrain delegation’s visit to China.
In a meeting attended by representatives of the Bahrain Chamber of Industry and Commerce (BCCI) including Mr.Othman Alrayes, First Vice Chairman, of the BCCI,and a number of businessmen, the two parties discussed bilateral relations between the Kingdom of Bahrain and the People’s Republic of China as well as the importance of the Bahrain delegation’s visit, which aims to strengthen commercial relations between the two countries. The meeting also included discussions about the role of the EDB in attracting Foreign Direct Investment (FDI) and Chinese investment in particular.
HE Kamal bin Ahmed focused on how the organisation of a number of forums and continuous meetings has created investment partnerships between various business sectors in Bahrain and China.
HE Kamal bin Ahmed also held a meeting with officials from Beijing Capital Group to discuss mutual cooperation and opportunities, which was attended by Bahraini officials as well as businessmen and women from the Bahrain delegation.
Meetings were also held between Bahraini businessmen and private sector representatives with various Chinese companies to discuss means of mutual cooperation in trade and investment. The EDB organised B2B meetings between Bahraini companies and its Chinese counterparts to discuss potential partnerships and trade opportunities.
Marking Bahrain’s visit, the EDB was awarded Best Organiser of the China Overseas Investment Fair by the China Overseas Development Association (CODA) during a ceremony held in the Chinese capital Beijing. The ceremony hosted various officials representing the private and public sector in China and the Kingdom and comes as part of the 10-day visit by a high level Bahraini business delegation to the People’s Republic of China, which aims to strengthen economic and trade relations between the Kingdom and China.
Meanwhile, Ms. Vivian Jamal, Executive Director of Business Development at the EDB, took part in the Silk Route Panel, in which she gave a speech on the bilateral relations with China, stating that the future relationship between the two countries will be based on their historical commercial relationship.
She praised China’s “One Belt, One Road” trade policy to maintain close business ties with Bahrain, which has resulted in the strong economic relationship that China currently enjoys with the rest of the GCC states. Ms. Jamal went on to explain that there are a number of Chinese firms operating from Bahrain as a result of this firm relationship, such as Huawei, Bank of China, China Harbour Engineering Company and Chinamex, the official agent to operate and manage Dragon City retail project. These firms are expanding their business operations into the rest of the GCC markets from their headquarters in Bahrain.
She added that as the Chinese market continues to grow, more Chinese companies are looking to introduce their products and experience to new markets. The Kingdom of Bahrain is targeting such investments. Ms. Jamal also indicated the country’s efforts to invest in major infrastructure projects in order to diversify the economy and highlighted the opportunities that are present to international investors, as well as how Chinese companies have used these opportunities previously.
Ms. Jamal also emphasised that the relationship with China must be based on market openness and partnership.
This visit follows His Majesty the Kings’ visit to China last year and the economic delegation to China includes: Bahrain EDB; Central Bank of Bahrain; Bahrain Airport Company; Mumtalakat, the Bahrain sovereign wealth fund; Tamkeen, the Bahrain labour fund; Bahrain Chamber of Commerce and Industry; Citi Bank; Al Amal Group; AJM Kooheji Group.
The EDB established an office in China in 2013 as part of its strategy to attract FDI into the Kingdom. The office is based at the Bahrain Embassy in Beijing, although it also operates in Hong Kong, and is headed by Mr. Yun Jiang.

Bahrain Signs Four Agreements in Beijing To Promote Stronger Economic Ties

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October 23, 2014

Manama, Economic Development Board, 23 October 2014: A Bahrain business delegation, on a 10 day visit to China, has signed four Memoranda of Understanding (MoUs) to promote stronger economic and trade ties. The MoUs were signed on the side lines of the China Overseas Investment Fair, organised by the China Overseas Development Association (CODA). The Bahrain delegation visit has been organised by the Economic Development Board (EDB) and is led by HE Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB.At the event the following MoUs were signed:

1- The China Overseas Development Association (CODA), the organisers of the China Overseas Investment Fair in Beijing, signed a MoU with the EDB to promote investment projects across a number of sectors in both markets. The MoU follows a recent visit by CODA to Bahrain, where the EDB introduced the delegation to Bahrain’s investment environment, business registration procedures and industrial policy
2- Chinamex, the Chinese government agency behind the ‘Dragon City Bahrain’ development, signed a MoU with the EDB to establish a regional trading centre in Bahrain. The agreement also includes provisions for Chinamex to support the EDB on business development trips to China and for the EDB to assist in the registrations of the Chinese companies to be housed at Dragon City
3- China National Building Material Company (CNBM) and Chinamex signed a MoU to offertrade and financing services for the Chinese tenants at Dragon City Bahrain
4- BCCI signed a MoU with China Association of International Trading to establish cooperation and ties aiming to promote mutually advantageous commercial and industrial interests and enhance the economic relations between Bahrain and China.HE Kamal bin Ahmed, said:

“By creating the most open economies in the Middle East region, and delivering a favourable business environment, Bahrain is able to fully support China’s ‘One Belt One Road’ policy and act as the ideal hub from which Chinese businesses can access the fast growing GCC market, currently worth US$1.6 trillion.

“These four agreements will work to strengthen China and Bahrain’s already strong economic and trade partnership and will deliver high value added jobs for Bahrainis and significant returns for Chinese investors.”

After Beijing the Bahrain delegation will visit Guangzhou, Shenzhen and Hong Kong. In each location the delegation will host an Invest in Bahrain Seminar to showcase to investors the Kingdom’s favourable business environment.

Bahrain’s favourable business conditions and strong economic fundamentals have been endorsed by the Heritage Foundation’s 2014 Index of Economic Freedom, which saw the Kingdom ranked 13th in the world and first in the Middle East and North Africa. A large number of Chinese businesses have already established operations in Bahrain as a means of accessing the wider Gulf market, which is now worth US$1.6 trillion and expected to reach US$2 trillion by 2020.In April 2014, Bahrain and China celebrated 25 years of bilateral relation. Leading Chinese companies with offices or facilities in Bahrain include: Huawei, Bank of China, China Harbour Engineering Company Ltd, and CPIC.

The Bahrain delegation includes: Bahrain EDB; Central Bank of Bahrain; Bahrain Airport Company; Mumtalakat, the Bahrain sovereign wealth fund; Tamkeen, the Bahrain labour fund; Bahrain Chamber of Commerce and Industry; Citi Bank; Al Amal Group; AJM Kooheji Group; amongst others.

Bahrain Business Delegation Arrives In China For Ten Day Visit

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October 22, 2014

Manama, Economic Development Board, 22 October 2014: Building on the successful visit by His Majesty King Hamad bin Isa Al-Khalifa to Beijing in September 2013 and the two nations celebrating 25 years of bilateral relations earlier this year, a high-level business delegation from Bahrain has begun a 10 day visit to China that aims to strengthen economic and trade ties between the two countries. The delegation, organised by the Economic Development Board (EDB) and is led by HE Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB. It includes members of the Bahrain Chamber of Commerce and Industry (BCCI) and businessmen and women representing Bahrain’s business sector.

The Bahrain delegation will first attend the prestigious China Overseas Investment Fair in Beijing, organised by the China Overseas Development Association (CODA), where a Bahrain Pavilion will showcase the Kingdom’s favourable business environment to Chinese and international investors. In addition, the EDB will host an ‘Invest in Bahrain’ Seminar, the first in a series planned for each stop in the 10 day Roadshow. The delegation will then travel to Guangzhou before visiting Shenzhen and Hong Kong. In each location, the EDB will engage in high level talks with Chinese officials, private sector leaders and Chinese businesses looking to access the Gulf market. A number of MoUs will also be signed to further strengthen economic and trade ties.

HE Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB said:

“China and Bahrain already have a strong trade relationship that dates back two thousand years to the first Silk Road. In fact, Chinese goods and produce make up the largest of non-oil imports to Bahrain totaling more than US$1 billion. Bahrain strongly supports China’s vision of ‘One Belt One Road’ to build a community of shared interests between the Arab world and China. By working together we can take this vision forward and help businesses to take advantage of the fast-growing GCC market.”

Othman Alrayes, First Vice Chairman, Bahrain Chamber of Commerce and Industry (BCCI) said:

“Strategically located at the heart of the Middle East, Bahrain is ideally placed as a gateway to the GCC market helping Chinese investors access the US$1.6 trillion Gulf market. In Bahrain businesses will find a sophisticated regulatory environment, excellent transport connections, low costs and competitive taxes, and the most educated workforce in the region.”

Bahrain’s open economy, favourable business conditions and strong economic fundamentals have been endorsed by the Heritage Foundation’s 2014 Index of Economic Freedom, which saw the Kingdom ranked 13th in the world and first in the Middle East and North Africa. In July 2014 a new visa policy was announced that allows nationals of more than 60 countries to obtain a visa on arrival, bringing the total number of countries with this option to nearly 100, giving Bahrain one of the most open visa arrangements in the region. As a recent addition to the list, Chinese nationals are able to receive a visa for Bahrain on arrival.

A large number of Chinese businesses have already established operations in Bahrain as a means of accessing the wider Gulf market, which is now worth US$1.6 trillion and expected to reach US$2 trillion by 2020. Leading Chinese companies with offices or facilities in Bahrain include: Huawei, Bank of China, China Harbour Engineering Company Ltd, and CPIC. In 2011, total bilateral trade between Bahrain and China, excluding hydrocarbons, reached US$1.7billion. Machinery and mechanical equipment led Chinese imports to Bahrain in 2011 followed by’’ minerals while hydrocarbons led Bahrain’s produce exported to China in the same year.
The delegation includes: Bahrain EDB; Central Bank of Bahrain; Bahrain Airport Company; Mumtalakat, the Bahrain sovereign wealth fund; Tamkeen, the Bahrain labour fund; Bahrain Chamber of Commerce and Industry; Citi Bank; Al Amal Group; AJM Kooheji Group; amongst others.

EDB sponsors “IGN Convention”

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October 16, 2014

Manama, Economic Development Board, 16 October 2014: The Economic Development Board (EDB) announced its sponsorship of the upcoming “IGN Convention”, the biggest pop culture and gaming convention hosted in the Kingdom.
The event, which is hosted in cooperation between Bahrain-based Tarteeb Events Organizing and internationally renowned IGN Entertainment is being held for the second year in a row. The convention will take place between the 24th and 25th of October at the Bahrain International Circuit (BIC).
This year’s event will be attended by a multitude of international celebrities, including Hafthor Julius Bjornsson, who played Ser Gregor Clegane, AKA “The Mountain” on the popular television series, the Game of Thrones, as well as Julia Voth, known for her role as the motion capture model of character Jill Valentine in the Resident Evil videogames. The event will also feature regional celebrities, such as emerging young Emirati director Mohammed Fikree, and social media influencer Hamad Qalam.
The event will also feature a large exhibition area with over 70 exhibitors displaying a collection of items related to the event’s different themes, a large artist ally for Bahraini and regional artists to display their work, a gaming tournament sponsored by Batelco which offers prizes, as well as Bahrain’s biggest Cosplay tournament.
For the first time this year, the event will feature a live concert on the last day held by local band “The Experiment” who will play a selection of popular themes from different games, movies and television shows. It will also feature multiple interactive zones in which all guests will have the opportunity to take part in.
Tarteeb Events Organizing’s Director, Mr. Mohammed AlMuharraqi expressed his interest in co-organizing the convention for a second year in a row with IGN Middle-East, which is based in the UAE, given the success of its first event last year that brought together over 4000 pop-culture enthusiasts from Bahrain and from the neighboring GCC countries.
AlMuharraqi added that the IGN Convention’s first year in Bahrain gave spectators the opportunity to exclusively try out gaming consoles, new games that have not been released at the time, and to meet influential celebrities from the gaming industry.
Abbas Jaffar Ali, Director of IGN Middle East stated that organizing such a massive international event in the Kingdom of Bahrain is a good opportunity for boosting the economy and investing in Bahraini youth. He considers the partnership with Tarteeb Events Organizing as one of their successful partnerships, not only in the Kingdom but in the region itself.
Mr. Ali confirmed that this year’s IGN Convention has many celebrity and content surprises in store, and aims to be bigger and better than the previous event, in order to become the best gaming and pop-culture experience in Bahrain, and to ensure the continuity of events of this caliber in the Kingdom.
The Event is sponsored by Batelco, Bahrain Development Bank (BDB), the Economic Development Board (EDB), Tamkeen, and the US Embassy in the Kingdom and is supported by UNIDO.
For more information on tickets kindly contact the organizers at ffairooz@tarteeb.org or visit the event’s website at www.ignconvention.com

H.E. Kamal Bin Ahmed: $22 billion worth of infrastructure projects planned in Kingdom

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October 14, 2014

Manama, 14 October 2014: H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Bahrain Economic Development Board (EDB), announced today that $22 billion worth of infrastructure projects are currently planned in the Kingdom, and will cover various sectors. The projects will help boost the national economy, providing opportunities for Bahrain’s citizens, along with the strengthening of the Kingdom’s regional competitiveness.

His Excellency affirmed that such projects, which will involve investment in the industrial, infrastructure, and tourism sectors, will have a positive impact on the development of those sectors, and will increase Bahrain’s competitive advantage. The projects include the Bahrain International Airport modernisation project, the development of Al Jazair Beach, investment projects in Durrat Al Bahrain, expansion of the Aluminium Bahrain (ALBA) smelter, and the modernisation project being carried out by Bahrain Petroleum Company (Bapco), as well as other projects. Government organisations, and Mumtalakat Holding Company in particular, will play a major role in the implementation of key projects.

H.E. the Minister added, “These are important investments that promise opportunities to international investors as well as strengthening connectivity with the region. The infrastructure projects are part of a wider effort by the Kingdom, which aim at diversifying the economy, as well as drawing quality investment, in order to support long term sustainable growth, create quality job opportunities, and increase the standards of living. This comes as part of Bahrain’s upcoming economic strategy, under the guidance of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the EDB”.

“Our current focus is on ensuring that the positive economic outcomes of these projects are experienced in the Kingdom through cooperation with different parties and government institutions, to implement them in a timely manner, so that their positive effects can be reflected on the national economy in the quickest possible time. Additionally, working with the different concerned parties will ensure that we are able to meet the required goals of each project” H.E. added.The Bahrain International Airport modernisation project is currently underway at the Bahrain International Airport and will increase the airport’s capacity from 9mn to more than 14mn passengers.

Alongside improvements to its transport infrastructure, the government of Bahrain is also investing in a range of other areas, including housing and its accompanying infrastructure projects, which represent one of the Kingdom’s priorities, and is included in the $7.5 billion which was provided as part of the GCC Development Fund. Bahrain aims to create 40,000 new housing units in a quick and efficient manner, following on directives from His Majesty King Hamad bi Isa Al Khalifa, and to support this growth with investment in education facilities.

The importance of the projects and the integration of efforts between all concerned parties to meet the goals were emphasised by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, First Deputy Prime Minister and Chairman of the EDB, while chairing a recent EDB Board meeting. His Royal Highness stressed the importance of integration and cooperation in an effective and timely manner, in order to promote further economic development, along with improvements to overall services and quality of life, and the creation of quality job opportunities for Bahraini citizens.

The Kingdom’s open investment policies have helped it to be established as the freest economy in the region, according to the Heritage Foundation’s 2014 Index of Economic Freedom.

Reflecting this success, the UNCTAD World Investment Report 2014 confirmed that total foreign direct investment into Bahrain in 2013 was $989 million, an increase of 11% on 2012, outpacing global average growth of 9%.

Likewise, the recent implementation of a new visa policy means fewer restrictions and easier access to the kingdom for more than sixty additional countries. In addition to 36 countries now eligible for e-visa applications, residents from a further 60 countries will also now be able to apply for a visa on arrival.

Bahrain Economy Grew By 5.6 Percent In Q2 2014 According To Latest Bahrain Economic Quarterly Report

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October 12, 2014

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Manama:  Bahrain experienced overall GDP growth of 5.6% in Q2 2014, when compared to the same period a year earlier, according to the latest Bahrain Economic Quarterly (BEQ) issued by the Economic Development Board (EDB) today. The report also revealed that Q2 2014 GDP growth reached 3.2% in comparison to the first quarter of 2014, with the total GDP growth of the year 2014 expected to reach about 3.7%.
In addition, the report highlighted the important contribution of the oil and non-oil sectors to the overall robust economic growth. The non-oil sector grew by 4.7% year-on-year during Q2 2014, while the oil sector registered 9.3% growth. When compared to the previous quarter, the non-oil sector registered a rise of 3.0% and the oil sector registered a rise of 4.1%.
Dr. Jarmo Kotilaine, Chief Economist at the EDB said, “The quarterly report underlines the significant contribution of a number of key sectors to overall GDP growth. It also highlights the major role played by big projects in boosting sentiment and fostering the economic capabilities in Bahrain. Together, these factors play an important role in diversifying the national economy.”
The report also revealed that the hotels and restaurants as well as the transport and communications sectors were among the key drivers of growth within the non-oil economy for Q2 2014, where growth exceeded 10% in each of these sectors, continuing the strong Q1 momentum. Social and personal services experienced growth of around 8% year-on-year. Strong performance was also registered in the transport and communications sector, which grew by almost 6%.
The report also shed light on the benefits that the tourism sector will gain through the implementation of the new visa policy which began in early October, with over 100 nationalities set to benefit. This will be reflected, along with other factors, in the continued positive momentum of the non-oil economic sector in the second half of this year.
Additionally, the report highlighted the importance of various new large-scale projects in increasing the productive capacity of the national economy.
Alba has received approval for the gas allocation needed to support its planned sixth production line, which is expected to start operating in 2018. The Line 6 project will add 400,000 tonnes to the smelter’s current 890,000-tonne capacity and is expected to cost around $2.5 billion.
Other upcoming projects include the creation of the BD31 million oncology centre at the King Hamad University Hospital, which will accommodate 120 beds, and is expected to be completed in 2016. The Electricity and Water Authority (EWA) in Bahrain also announced its plans to build three power plants, with an expected cost of approximately BD 280 million.
The Bahrain Economic Quarterly can be viewed directly on:  http://www.bahrainedb.com/en/EDBDocuments/BEQ-September-2014.pdf
-ENDS-

Further information

Economic Development Board

Tel: +973 17589966

Email: NC@BahrainEDB.com

UNCTAD World Investment Report 2014

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October 01, 2014

The United Nations Conference on Trade and Development (UNCTAD) released the World Investment Report 2014, which shown that total foreign direct investment (FDI) to Bahrain in 2013 was $989 million, an increase of 11% on 2012, outpacing global FDI flows which rose by 9%.

This is the second year Bahrain has seen double digit growth in FDI since the global economic downturn and reflects the sustainable private sector led recovery taking place in the Kingdom. According to the World Investment Report FDI to Bahrain in 2012 was $891m, a 14% increase on 2011.
Total foreign direct investment (FDI) to
Bahrain in 2013
$989million
Total foreign direct investment (FDI) to Bahrain in 2012
$891million
The increase in total foreign direct investment (FDI) to Bahrain compared to 2012
11%
The 2013 Bahrain’s inward FDI stocks as a percentage of gross domestic product
55.3%
FDI inflows as a percentage of nominal GDP
Around 3%
FDI inflows as a percentage of gross fixed capital formation
15.7%

Board Members of the Economic Development Board (EDB) Meet to Discuss Updates on Major Developments Projects

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October 01, 2014

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the Economic Development Board (EDB), chaired the EDB board meeting, held in the Riffa Palace last month.
During the meeting, HRH the Crown Prince stressed the need for effective coordination and cooperation on the upcoming US $22 billion worth of development and infrastructure projects planned to be implemented over the coming years in the Kingdom. His Royal Highness reiterated the importance of integrating efforts between all concerned parties in order to meet the goals and outcomes of the projects effectively and in a timely manner, promoting further economic development as well as improvements in the overall services and quality of life along with the creation of quality job opportunities for Bahraini citizens.
The projects cover various sectors, including industrial investment, infrastructure, and tourism. This will enable entrepreneurial projects, and lead to the Kingdom’s aim of further diversification and sustainable development, in order to improve quality of life.
The meeting also highlighted the importance of Bahrainis experiencing first-hand the results of the projects supported by the GCC Development Fund and other major investment projects, in order to further develop services and promote economic growth. The need to accommodate opportunities across various sectors, developing as a result of these projects, was also stressed during the meeting, which highlighted the importance of enduring optimum use of resources and supporting consulting expertise. This is in order to further advance implementation efforts. The EDB was instructed to coordinate with both public and private entities to monitor the implementation of these projects, which are vital to raising the Kingdom’s competitiveness and the efficiency of its public services.
The meeting also included a presentation on the status of the King Fahd Causeway, and recommended solutions by the Minister of Finance, H.E. Shaikh Ahmed bin Mohammed Al Khalifa, who heads the committee directed by the EDB to provide recommendations on ways to expedite procedures for motorists and cargo trucks on the causeway.
The presentation provided a summary of the committee’s work, which included managing the cargo trucks’ entries and minimising waiting periods, as well as providing waiting areas for trucks on the causeway, and the reduction in the number of customs procedures. The committee also explored the important role both countries’ leaderships played in contributing to the positive outcomes of the cooperation between Bahrain and the Kingdom of Saudi Arabia.
H.E. Shaikh Ahmed explained the committee categorised solutions into three phases: immediate, medium and long-term solutions. He revealed that upon implementation of the immediate solutions, average waiting time was reduced by 73% and an average of 90% reduction in time spent by cargo trucks waiting in designated areas on the causeway.
The solutions included a cancellation of entry passes for cargo trucks, designating waiting points, utilising areas of examination in private warehouses, and maximising use of the customs areas on the causeway. The committee also outlined recommendations to expand lanes and cargo trucks’ parking areas on the causeway, as well as to increase the number of passengers’ cabins and coordinate the possible linkage of customs and passport control with Saudi Arabia, along with ongoing coordination with the Saudi Arabia in terms of further expansion and railway plans.
HRH the Crown Prince directed the committee to continue monitoring the causeway, building on the positive results accomplished to date, and focusing on improving traffic flow via effective and efficient procedures.
Meanwhile, H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, gave a comprehensive presentation on the EDB’s achievements since the start of the year, and outlined recommendations for the strategic priorities of the Kingdom through coordination with concerned government entities.
The meeting also discussed the current economic climate and areas of focus in order to achieve further economic growth. This was highlighted during a presentation which shed light on the need for the Kingdom to strengthen its financial status, and to intensify efforts in strengthening competitiveness, along with the identification of priorities and the distribution of resources in an effective manner. The EDB will have a role in ensuring the successful implementation of the chosen initiatives to complement these priorities.
In line with this, the main economic sectors shaping Bahrain’s strategic priorities identified were tourism, manufacturing, entrepreneurship, research, and financial services, as well as economic development initiatives. The sectors were identified based on the Kingdom’s competitive advantage and resources in a regional context.
HRH the Crown Prince also called for the establishment of a committee to study the development of the financial services sector, to be headed by the Central Bank of Bahrain (CBB) Governor, H.E. Rasheed Al Maraj.
Finally, the meeting underlined the Kingdom’s achievements in attracting investment in the first half of 2014, where a total of 21 companies were registered, covering a range of sectors, including services and manufacturing, creating approximately 965 new job opportunities. Discussions were also initiated with over 67 companies in the same sectors on investing in the Kingdom. Additionally, various local and international events were organised with aims of drawing international investment into the Kingdom.

EDB Officials Visit China in preparation for Bahrain Economic Delegation Roadshow

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October 01, 2014

 
Officials from the Economic Development Board (EDB) visited the People’s Republic of China in preparation for a Bahraini roadshow to be conducted by a high-level delegation later this year. The roadshow will cover Beijing, Guangzhou, Shenzhen and Hong Kong.
In cooperation with the Bahrain Embassy in China and with the attendance of the Bahrain Ambassador HE Dr Anwar Al Abdullah, the EDB officials attended various Chinese economic and trade events to learn about the Chinese economy. EDB officials Ms. Vivian Jamal, Executive Director of Business Development at the EDB, and Mr. Yousef Al Khan, Manager of International Relations, have held meetings with representatives of the Chinese Ministry of Commerce and the China Council for the Promotion of International Trade in Beijing. The meetings discussed ways to strengthen cooperation between both sides and to support Chinese investors in the Kingdom as well as seek future collaboration between the two countries.
The Bahraini delegation also attended a dinner along with Dr Al Abdulla, and top officials of leading Chinese companies that have offices in Bahrain including ChinaMex and Huawei.
The EDB delegation visited the Guangzhou Province and held meetings with various Chinese entities including the Commerce Bureau of Guangdong Province Government and GFIC. The meetings aimed to discuss means of investment cooperation between Bahrain and Guangzhou province, as well as plans for the signing of a Memorandum of Understanding (MoU) with the union to promote the Kingdom to Chinese companies in the province. The delegation learned about Guangzhou’s technical and economic story before heading to Shenzhen for meetings with its government representatives, to discuss cooperation and potential agreement.
The trip concluded in Hong Kong, where the Bahraini delegation met with leading business and trade entities including Hong Kong Federation of Insurers and the Hong Kong General Chamber of Commerce.
The official roadshow that is planned before year-end follows the visit by His Majesty King Hamad bin Isa Al Khalifa to the People’s Republic of China in September last year, and the two nations celebrating 25 years of bilateral relations earlier this year. The visit also comes in line with its goals to strengthen mutual relations between the two countries.
The EDB established an international office in the People’s Republic of China in 2013, based on its strategy to attract foreign investment to Bahrain and to focus on targeted economic sectors which provide a competitive advantage to the Kingdom. The office is located at the Bahrain Embassy’s headquarters in China where it handles the EDB affairs in Hong Kong under the management of Mr. Yun Jiang.
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