Bahrain-Egypt inks MoUs to bolster business


Cairo: As part of the official visit of His Majesty the King Hamad bin Isa Al Khalifa to Egypt in response to an invitation received by the President of the Arab Republic of Egypt Abdel Fattah al-Sisi, the Bahraini-Egyptian Business Forum kicked off in Cairo on Tuesday April 26, 2016. The forum is organized by the Ministry of Industry & Commerce in cooperation with Bahrain Chamber of Commerce and Industry and Federation of Egyptian Industries which was held Fairmont Heliopolis Hotel in Cairo.

“This forum comes to implement the directives and initiatives of His Majesty King Hamad bin Isa Al Khalifa and his keenness of his Majesty to enhance bilateral relation with Egypt to advanced levels.” He added that this forum will highlight joint investment opportunities and potential cooperation be the governments of the two counties in a number of sectors and areas,” while addressing the forum which was attended by more than 40 Bahraini Companies, the Minister of Industry, Commerce and Tourism Mr. Zayed R. Alzayani, said.

During the Forum was two panels of discussion, the first panel is about the governmental sectors in Bahrain and Egypt and The second panel of discussion is about the private sectors in Bahrain and Egypt.

The forum also witnessed signing a number of memoranda of understanding between both sides of the private sector are as follows:

MoU between Tamkeen (Bahrain) and the Social Fund for Development (Egypt)
MoU between Economic Businesswomen Council and BCCI (Women Section) and federation of Business Women (Egypt).
Trade cooperation between Alzayani Commercial services and Solar solution.
Trade cooperation between Alzayani commercial services (Bahrain) and Taya IT (Egypt).
MoU in the field of training and development and scientific research between GPIC (Bahrain) and Abu Qir Fertilizers Co. (Egypt).
MoU in the field of exchange experiences in maintenance and safety between GPIC (Bahrain) and Abu Qir Fertilizers Co. (Egypt).
MoU in the field of preparing feasibility of joint projects in the field of fertilizer industry between GPIC (Bahrain) and Abu Qir Fertilizers Co. (Egypt).
Desire to declare to get a land with a capacity of 10 thousand square meters in the logistic area to store and re-export for Midal Cables Company (Bahrain).
A MoU was signed in the field of medicines and beauty cosmiteics between businessmen Khalid Alzayani and president of Eva pharmaceutical Industry Mr. Reyadh Armanious.
Protocol agreement between Midal Cables (Bahrain) and the Egyptian Ministry of Electricity (Egypt).
MoU in Real Estate Investment and contracting between Naisan Contracting Company (Bahrian) and Al Rehab Co. for projects & Trading (Egypt).
MoU between Economic Businesswomen Council and Businesswomen Society (Bahrain) and Federation of Business Women (Egypt).

The trade volume with Egypt in 2015 is US 396 million, the oil and non-oil trade volume during the same year is US 416 million and Bahrain import from Egypt in 2015 is US 75 million. The export volume to Egypt has reached US 321 million. There are 13 Egyptian companies and agencies registered in Bahrain in the field of pharmacy, aviation, travel, food and tobacco. There are 255 companies in Bahrain has Egyptians shareholders in the field of tourism, technical consultation, marine services, accounting jewelry and banking.

In term of joint existing agreements between the two countries as follows:
promotion and protection of investment agreement 1997
Avoidance of Double Taxation agreement 1997
Agreement on establishing an Egyptian trade center in Bahrain 1997
Agreement to Facilitate and Develop Trade among Arab States 1982
MoU between the Ministry of Industry and Commerce and Egyptian Ministry of Commerce and Industry in the field of technology centers 2009
MoU in creating and managing industrial zones between Bahrain and Egypt 2009

The joint cooperation between the two countries are in the sectors of trade, industry, food security, banking and financial sector, alternative energy, education, tourism, exhibitions and conferences, building materials, livestock.

Zain ad

About The Author

Related posts