During the opening ceremony, the Minister delivered a speech confirming that this visit will allow the opportunity of building important discussions that were held in Thailand and the continuing visits from both sides is a clear signal of our determination to convert agreements into positive results.
Dr. Fakhro stated that over the years we have forged a fruitful trade relationship which in year 2011 generated around $435 million of bi-lateral non-oil and oil trade and being some 87% up on year 2009, and with a number of joint ventures and investments on both sides, all of which has no doubt been influenced by mutual high level visits, particularly by those of His Royal Highness the Prime Minister, and the cooperation agreements and memoranda signed between our two Governments.
He confirmed that it is the interest of both our countries, to work closely as partners for joint future prosperity. Both countries are constitutional monarchies, with bi-cameral parliaments, and with legal systems based on civil law but with a common law influence, and importantly are characterised by a free-enterprise economy. We think alike, and our business outlook is similar.
Dr. Fakhro added that the global financial crisis has brought home to every country that there is a need to work more closely together on all fronts. Amongst friends much more can be achieved, and there is no doubt that Bahrain and Thailand are much more than trade partners, we are indeed good friends. Also, it has been true friends like Thailand that have stood with us during our troubled times in 2011, and was not swayed in its friendship.
The Minister affirmed that we must activate the framework of our existing Agreements, and/or by creating a mechanism between our respective private sectors to promote a closer trade and business partnership. Actual business is done by companies, or more particularly by people, and we must exert every effort to bring our business people together. Particularly Chambers of Commerce have an important role to play in achieving that ambition.
Dr. Hassan Fakhro noted that the Ministry is working closely with the private sector firms, various interest groups, other Government Ministries and the Bahrain Chamber of Commerce and Industry, and continuously seek to improve the country’s business friendly infrastructure, our 12th place world ranking in the 2012 Heritage Foundation’s Index of Economic Freedom is a testimony to this fact.
Under our wise leadership, the Government of Bahrain has positioned the private sector as the engine of growth, and a number of economic reforms, including in education, in health and in labour are taking place to project a new dynamism to the economy, as a result there are numerous opportunities in particular in financial services and other cooperation possibilities exist in medical services, possibly with the King Hamad University Hospital,” Dr Fakhro, added.
Minister said that at the Ministry of Industry and Commerce would remained focused on a number of broad initiatives which will enhance the commercial and industrial climate; reduce legislative burdens and red tape; improve productivity, long term profitability, and diversity of the private sector firms; enhance the viability of Small and Medium Enterprises (SMEs), and likewise consumers’ rights, and encourage inward investment in particular in the targeted clusters which promote the creation of a knowledge economy. Continuous efforts are being made to streamline the process of commercial registration, and to enhance the manufacturing climate through infrastructure and policy development.
Fakhro stressed that Thailand has a rich experience in a number of areas in which we have a mutual interest, and particular in developing the Small and Medium Enterprises’ “SME” sector, for example IT, Pharmaceuticals, aluminium, fibre glass, iron and steel, are potential clusters for meaningful and value added partnerships and we would like to explore the possibility of the exchange of experts or technical cooperation, in which we might work together in this area. Training in jewellery design is a case in point also.
“Bahrain is literally at the center of the Gulf, and offers the most business friendly and relaxed lifestyle for foreign investors wishing to target the huge potential markets of the greater Middle East region. We have a state of the art industrial asset in the form of the Bahrain International Investment Park, at Salman Industrial City, which would be the perfect home for Thai manufacturers or logistics service providers, and for those companies wishing to have a distribution facility for servicing other parts of the region. Taking advantage of the Free Trade Agreement with the US will be a great advantage,” he said.
“Unlike Thailand, which has a relatively strong Agricultural sector contributing more than 11% of Gross Domestic Product; Agriculture in Bahrain contributes less than 1%, and as a consequence we are net importers of food items. Encouraging the establishment of Thai food stockpile and distribution centre will be welcomed and so will Bahraini investment in agriculture in your country will be so viable. It was under this backdrop that a Memorandum of Understanding was signed between Bahrain and Thailand dealing with rice supplies; in this regard I am happy to report that some progress is being made in respect to the marketing of Jasmine rice, but we will continue to exert every effort to expand sales still further in the future. Now more so a number of some new MOUs have just been signed,” he added.