The prospect of Bahrain-Singapore co-operation is even brighter with the ASEAN-GCC free trade agreement is getting closer to the realty, the Chairman of the Bahrain Chamber of Commerce and Industry (BCCI) said.
A high-powered business delegation led by the Chairman of BCCI Dr Esam Abdullah Fakhro starts official visit to Singapore on Sunday.
During the visit, Dr Esam said, the Singapore Chamber of Commerce, businessmen and private sector players will discuss how to develop the relations and interests between the business sectors in Singapore and Bahrain.
The Bahraini delegation includes the members of the BCCI board and representatives from the Ministries of Industry and Commerce and Foreign Affairs, a representative of the Economic Development Board.
The BCCI in a statement said that the Kingdom’s delegation will hold talks with Singapore Chamber of Commerce and the members of the private sector associations and organizations representing business owners and commercial sectors of economic and investment multiple.
Dr. Essam Fakhro while highlighting the salient features of the investment climate in Bahrain as a result of the various steps taken by the government said that the Kingdom offers a rare opportunity to foreign investments including Singapore.
He said that the BCCI being the largest platform of the private sector would continue to seek more foreign investments through various initiatives including the visits of the BCCI members to all potential destinations.
“We will also highlight the existing huge potential of joint ventures in all vital areas of the national economy. With treading on the right path of the growth and development both Bahrain and Singaporean economies share many common grounds including the formation of the JV projects. The BCCI believe that two-way visits, meetings and expos will further enhance the scope of attracting more foreign investments in the Kingdom of Bahrain.
“Both governments are playing a lead role in pushing the necessary framework aimed at supporting and activating all the mechanisms of joint cooperation and strengthen links between businesses of both countries.
He pointed out that the efforts of the wise leadership represented by His Majesty King Hamad bin Isa Al Khalifa King of Bahrain, Prince Khalifa bin Salman Al Khalifa, the Prime Minister, Prince Salman bin Hamad Al Khalifa, Crown Prince and Chairman of the Board of Economic Development opened a lot of the prospects of joint cooperation in various fields with all countries of the world, including Singapore.
He pointed out that the visit of the delegation will enable Bahraini businesses to explore all possibilities of co-operation in areas of mutual investments, cooperation and partnership.
He hoped that the partnerships between Bahrain and Singapore would open up avenues in many areas, especially agriculture and food industry, pharmaceuticals, information technology, training, education and other areas.
Dr Fakhro said that the BCCI would conduct a presentation on climate and investment environment in Bahrain as part of efforts provide an insight about the Bahraini economy to the Singaporean side.
He said that such visits are playing a larger role in the promotion of investment opportunities, and the definition of climate and investment environment, referring to the that the main aim of the visit is to enhance cooperation and increase the size of the partnership and the creation of new economic and trade between the Bahraini business owners and their counterparts in Singapore, through the study of the investment climate and economic opportunities and view the promotion and marketing of the possibilities and opportunities.
He said though the figures and data and statistics available to the bilateral trade of non-oil between the Kingdom of Bahrain and Singapore, but the untapped potential is there.