The trade volume between Bahrain and Japan has crossed the $4 billion mark as statistics indicate the trade exchanges between two countries is about $3.7 billion in 2011, excluding non-oil trade, which amounted to $610 million.
The visit of His Royal Highness Prince Salman bin Hamad bin Isa Al Khalifa, Crown Prince, Deputy Supreme Commander and the First Deputy Prime Minister, to Japan comes in the context of the Prince’s keenness to promote Bahrain’s relations with various international parties and expand the circle of economic and investment cooperation with the world’s major economic, powers thus contributing to achieving the Kingdom’s interests and supports its development efforts.
This visit reflects the strength and durability of solid ground that marks relations between the two countries dating back to 1934, when the first shipment of oil Bahraini to Japan took place. It also reflects the Kingdom’s approach in building strong ties of friendship with major economic powers for the benefit of Bahrain and its people.
It’s also a new episode in the series of endeavors and the continuing efforts of the Crown Prince’s to promote Bahrain as a financial and investment hub and a major trading center in the region where many elements that represent a magnet for investment exist for Japanese companies, including the existence of a free and sophisticated banking system, the presence of an integrated and modern transport and communications system as well as developed industrial areas.
All of these elements make the kingdom a gateway to the Gulf region, which is known to be a huge regional market.
Bahraini Japanese relations are increasingly occupying an important item on the agenda of Bahraini diplomacy, given the mutual interests of the two sides, especially at the level of a rapprochement of positions, also the coordination and cooperation in international foreign policy issues, by emphasizing the common desire to bring about just and comprehensive peace and lasting peace in the Middle East region, and the need to coordinate positions on regional and international issues, as well as the economic environment of openness, which is a common factor between the two countries.
The leadership of both countries is continually enhancing relations between them on various levels of political, economic and cultural levels.
These relations are a model that includes all the elements needed to build strong relationships based on respect, friendship and mutual interest. At the political level these ties are gaining historical depth, in addition to cooperation at the highest levels and continuous coordination in various positions and international issues.
Both countries enjoy viable economic and competitive advantages that can bring common interests of their peoples to be achieved , since Japan is an advanced economic and industrial entity that made it the second-largest economy in the world, with the Kingdom of Bahrain being renowned as a financial center with a prestigious regional and global reputation of a favorable investment environment in one of the most dynamic economic zones in the Arabian Gulf region, making the decision to strengthen their cooperation a strategic choice.
Statistics indicate the volume of trade exchanges between Bahrain and Japan to be about $3.7 billion in 2011, excluding non-oil trade, which amounted to $610 million, the talks between His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain during his official visit Japan last year has resulted in enhancing cooperation in the field of education and discussing the establishment of a Japanese university in Bahrain, in addition to the research project on modernization of the Bahrain oil refinery and doubling its capacity at a cost of US$1.5 billion, as well as signing of memoranda of understanding on political consultations and defense exchanges.
The Kingdom of Bahrain is linked to Japan through several cooperation agreements in fields of politics, defense, economy and culture.
A Memorandum of Understanding on political consultations between the Ministry of Foreign Affairs of the Kingdom of Bahrain and the Ministry of Foreign Affairs of Japan was signed on 11th April 2012; a defense exchanges memorandum between the Ministry of Defense of the Kingdom of Bahrain and the Ministry of Defense in Japan was signed on April 11 2012.
Another memorandum of understanding on comprehensive strategic partnership between the Japanese Bank for International Cooperation and the Government of the Kingdom of Bahrain was signed on June 2, 2009.
A memorandum of cooperation between the Supreme Committee for Information Technology Communications, the Ministry of Industry and Trade and the National Oil and gas authority in the Kingdom of Bahrain with the Ministry of Economy and Trade and Industry of Japan was signed on April 12, 2012.
The Convention on Cultural Cooperation and academic exchange agreement was signed between the University of Bahrain and Japan’s Waseda University in April 2001 in Tokyo. Last but not least the Air Services Agreement between Bahrain and Japan that was signed in Bahrain on March 4, 1998).
The main exports of the Kingdom of Bahrain to Japan include building columns and bars, powder, sheets, strips and rolls of aluminum – products of fibreglass for transportation equipment – lobster – scrap, iron and steel – copper scrap – clothing, while The main Bahraini imports from Japan are: cars, trucks, cranes – Spare Parts – Parts of electrical circuits – electronic devices – external drives, vinyl chloride and cement).
The number of commercial agencies Japanese registered in Bahrain for the year 2010, the 129 agency in the field of electricity and perfumes, pharmaceuticals and automotive industry and electrical machinery and electronics, as well as 18 branch in banking, engineering, automotive and clothing according to statistics in 2011.
There is no doubt that important files will be on the agenda of talks to be conducted by His Royal Highness the Crown Prince with Japanese officials, primarily cooperation in the investment field. Trade and industry will be a new impetus to relations between the two countries towards new horizons of fruitful mutual work, especially in light of the crown prince’s interest in promoting steps towards diversifying the economic base of the Kingdom on the basis of competitiveness and sustainability.