Russia and Bahrain to cooperate in banking and finance
Manama: Industry, Commerce and Tourism Minister Zayed bin Rashid Al Zayani and Russian Minister of Industry and Trade Denis Manturov have expressed their willingness to enhance cooperation in the field of banking and finance . This was revealed yesterday after the first meeting of Russian–Bahraini Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation.
The results of the deliberations of the First Meeting of the Commission are summarized as follows:
• The Ministers expressed their satisfaction on the status of bilateral trade and Investment and with the considerable growth of trade turnover in 2016.
• The Co-Chairs agreed to enhance bilateral cooperation in various fields of trade, economic, technical and cultural cooperation between Bahrain and Russian regions (St. Petersburg, the North Caucasus Federal District (the Stavropol Territory, the Chechen Republic, and the Republic of Ingushetia).
• Agreed to further expand mutual cooperation in the field of energy including cooperation opportunities-in gas sphere, LNG supplies and providing services.
• The Co-Chairs confirmed mutual interest in continuing cooperation in various industrial fields and noted the results of the third Meeting of the Russian-Bahraini Working Group on cooperation in aluminum sphere on the sidelines of experts’ consultations.
• The Ministers also discussed cooperation in agriculture and animal stock-raising as well as in transportation fields
• The Ministers recognised the importance of resolving issues that investors in both countries may face within the framework of existing legislation and bilateral agreements.
• The Ministers underlined the importance of the private sector role, and were pleased with the outcomes of the Russian-Bahraini and Bahraini-Russian Business Councils. The meetings headed by Mr. Vladimir Dmitriev and Mr. Khalid Almoayed respectively, reiterated the commitments to continue working together to expand cooperation between Russian and Bahraini business communities in the areas of mutual particular interest paying special attention to Finance/Banking, Petrochemistry, Food, Health and Medicine, Small & Medium Enterprises (SME), IT and Joint Ventures. They also agreed to hold the next meeting in Russia in 2017.
Industry, Commerce and Tourism Minister Zayed bin Rashid Al Zayani said that this Commission will hopefully play an important role in enhancing and developing ties between our countries, and will contribute to deeper and continuous cooperation in all fields.
'' During the last two years, we have revised our laws, procedures and policies and reengineered them to streamline business setup in Bahrain together with the automation of our company registration process using our online system of “SIJILAT” and we are proud to say that we have a record of producing a company registration in only 93 seconds. Today, Bahrain is a leader in the GCC in liberalization with only 2% of business activities restricted to 100% Bahraini ownership.
The reaming 98% business activities are allowed for foreign ownership with almost 60% of them allowed as 100% foreign ownership. Furthermore, this is available throughout Bahrain and is not restricted to certain economic or free zones.
As for tourism, we launched our new tourism identity “Bahrain ours. Yours” in the earlier part of 2016 as well as a new tourism strategy for 2016-2018, built on 4 A’s. Awareness, Attractions, Access and Accommodation.
Tourists’ number increased by 6% from 11.6 million in 2015 to 12.3 million in 2016. Moreover, we look at further growth in our tourism sector as we plan for it to double to 7% of our GDP by end of 2018. In an attempt to expand our footprint and tourism reach, we have also appointed seven representative offices in targeted market within the tourism plan; Russia is one very important one of our seven locations.
With our reform process well on track, our unique advantages of geography and demography, our competitive cost structure (34% less than Dubai or Doha), our educated and dedicated local workforce we invite you to consider Bahrain as a regional hub for your GCC operations, Zayed bin Rashid Al Zayani said.
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