King Hamad’s Egypt visit strengthens biz ties: BCCI

Manama  : Hailing the visit of His Majesty King Hamad bin Isa Al Khalifa to Egypt as a huge success, Bahrain Chamber of Commerce and Industry (BCCI) Khalid Al Moayed yesterday stressed that the visit would lift Bahraini-Egyptian business ties to new heights. 

According to Al Moayed, the visit which resulted in the signing of several key agreements is expected to have great impact on fostering bilateral trade with the most important one being the deal  to avoid double taxation. 

He said this during a media conference held in Bait Al Tijjar yesterday in the presence of the Bahraini side of the Bahraini-Egyptian Joint Business Council and the business delegation that accompanied HM the King in his visit to Egypt. 

Stressing on the importance of promoting the unique and fertile business environment of Bahrain in major regional and international economic and business events, Al Moayed said, “Bahrain is a gateway to the Arabian Gulf and a launching platform to the US market, and by the same token, Egypt is a gateway to African countries and an entry to the European market.”

He also underlined the transformation the national economy has witnessed following the ambitious economic vision and the numerous strenuous strides initiated by the leadership of Bahrain. 

Revealing further, BCCI board member and head of the Bahraini side of the Bahraini-Egyptian Joint Business Council Afnan Al Zayani said, “The Bahraini-Egyptian Joint Business Council held its second meeting in the presence of the Egyptian side presided over by Mohammed Al Suaidi.”  

“The meeting endorsed the recommendations of the Council’s first meeting held in Bahrain in March and discussed a number of proposals including hosting an exhibition for Egyptian products, launching direct flights from Bahrain to a number of Egyptian cities, organising marine cruises,  organising Egypt Week event in Bahrain and Bahrain Week event in Egypt besides discussing means of enhancing cooperation in a number of areas including tourism, HR and training, and the jewellery sector,” she said.  

Al Zayani called all members of the arts and cultural community in Bahrain to take part in the Bahraini Week event, which will take place in Cairo in October 2016.

She also deliberated about the delegation’s visit to the Suez Canal and underlined the participation of the businesswomen in a conference themed “Joint Arab Cooperation, Development Foundation and Peace Shield”. 

Explaining the most prominent recommendations, Al Zayani said this included establishing joint investment projects and going public by issuing securities, which have already seen the light in the establishment of “Tarweej Company”, in which a number of businessmen and businesswomen from Bahrain Oman and Kuwait have invested.

On the occasion, Al Moayed also announced a mechanism to follow up the outcomes of the visit and forming work teams to implement the recommendations, and establishing a database to streamline information sharing between both sides.