MANAMA: Minister of Industry and Commerce, Dr Hassan Abdullah Fakhro on Wednesday told the visiting trade delegation led by the President Tajikistan that Bahrain serves as a gateway to $4trillion economy of MENA region.
The Minister was speaking as he opened the Bahrain-Tajikistan Business Forum as part of the official visit of His Excellency President Emam Ali Rahman of the Republic of Tajikistan to the Kingdom of Bahrain.
Organised by the Ministry of Industry and Commerce, the event was attended by President Emam Ali Rahman and more than 350 major investors, businessmen and government officials from both the Kingdom of Bahrain and the Tajikistan.
In a welcoming speech, the Minister of Industry and Commerce said that this special visit coincides with the propitious timing for celebrating the twentieth anniversary of the establishment of full diplomatic relations between the two friendly countries and peoples. This visit is also timely with Bahrain’s enhancement of its economic and investment initiatives and ties with friendly Asian counterparts, which is crowned by the recent Royal visits by His Majesty King Hamad bin Isa Al Khalifa to these nations. He highlighted that there are so many synergies among these visits.
The Minister added that trade and investment exchanges were limited and hoped this visit will pave the way for the two countries to grow closer, and reach a better understanding of the common heritage and traditions, and enhance the potential for cooperation across the political and economic fields and accelerates the interest of Bahraini businessmen for looking towards Tajikistan, for seeking new opportunities, and this favourable occasion will be seized to work together, for establishing common grounds for building a more positive and constructive economic and investment relationship.
In relations to joint investment opportunities between Bahrain and Tajikistan, the Minister highlighted a number of key sectors for cooperation such as food production and processing, especially wheat meat and dairy products, as well as Islamic banking and finance, education, transport and telecommunications, pharmaceuticals, tourism and exhibitions. He said food security is one of the first socio-economic priorities for Bahrain and the whole region. Accordingly, there are vast business interests for investments and joint ventures in this vital field. The Minister highlighted the agricultural potential of Tajikistan would offer numerous investment and joint-venture opportunities between the two countries.
He highlighted that the Small and Medium Enterprises play a strategic role in the economic and social development of Bahrain. He hoped for mutual interaction and joint cooperation in this field including downstream complementarily would create synergies and added value to both economies, especially in the aluminum industry.
The Minister mentioned the greater benefits to the closer cooperation between the two countries, from Bahrain’s central position at the heart of the GCC regional market, totaling US$1 trillion at present, and is estimated to achieve $2 trillion by 2020, or more than $4 trillion if taking into account the greater Middle East and North African, MENA region. He highlighted the duty free entry to most of these markets would enhance the potential of easier access to these markets, in addition to taking benefit from the significant, competitive advantages which the Bahrain’s Free Trade Agreement (FTA) with the United States offers.
The Minister added that Bahrain is literally at the centre 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. Tajikistan can play as a major Gateway for your neighbouring Central Asia Republics also.
After that he highlighted the industrial policy of the Ministry of Industry and Commerce, which is in support of the Government’s overall Economic Vision 2030 that is firmly anchored in the premise that manufacturing is important to promote economic growth and development, especially towards higher levels of innovation and productivity. The Bahrain International Investment Park (BIIP), at Salman Industrial City is the perfect home for foreign manufacturers or logistics service providers, and for those companies wishing to have a distribution facility for servicing other parts of the region, as Bahrain has obtained high place world ranking in the Heritage Foundation’s Index of Economic Freedom for its position as country most preferred by outsiders.
The Minister asserted that an increase in the exchange of top-level visits and business delegations between the two brotherly countries would have a positive impact towards enhancement of mutual trade and economic relations, and with that in mind more delegations from Tajikistan to Bahrain to see we Bahrain has to offer is welcomed.
President Emam Ali Rahman delivered a speech, in which he expressed his thanks and appreciation for the organizers of the forum that aims to pave the way for the appropriate conditions for joint work between the two friendly countries. He asserted importance to establish Tajikistan-Bahrain Investor Council in the near future.