Bahrain, Turkey to expand bilateral trade

Manama : The Sixth Bahrain-Turkish Joint Committee meeting held here yesterday has decided to strengthen economic co-operation and bilateral trade by increasing joint investments in private sector. 

The meeting was co-chaired by Shaikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance, and Mehmet Şimşek, Deputy Prime Minister of the Republic of Turkey, in charge of the Economic and Financial Sector. 

Welcoming the Co-operation Agreement signed on March 1, 2016 between the Bahrain Chamber of Commerce and Industry and the Union of Chambers and Commodity Exchanges of Turkey, both the countries have decided to tap the trade potential and  increase  bilateral trade volume. 

The committee expressed its satisfaction over the legal framework favouring investment, particularly the 2014 agreements on the promotion and protection of investment and the avoidance of double taxation. 

The meeting also agreed to support direct investments and joint ventures by companies and individuals, and encourage visits to banking, insurance and other financial institutions, with a vision to exchange expertise in Islamic finance products. 

The Bahrain delegation included Dr. Ebrahim Y. Al Abdulla, Bahrain Ambassador to Turkey, Khaled Al Rumaihi, Chief Executive, Economic Development Board, Mahmood H. Al Kooheji, CEO, Bahrain Mumtalakat Holding Company “Mumtalakat”, Ahmed A. bin Hindi, Executive Bureau Member, Bahrain Chamber of Commerce and Industry, Yusuf A. Humood, Assistant Undersecretary for Economic Affairs, Ministry of Finance (MOF), Eman A. Al Dosary, Assistant Undersecretary for Foreign Trade, Ministry of Industry, Commerce and Tourism, Sami A. Buhazza, Assistant Undersecretary for Housing Projects, Ministry of Housing, and a number of MOF officials.

A Memorandum of Understanding on Civil Service was also signed on the sidelines of the session. 

Key decisions of the committee 

Identify Bahrain as a regional centre for the distribution of Turkish products.

Enhance co-operation in the financial and banking sectors, particularly with regard to Islamic banking, making use of Bahrain Institute of Banking and Finance’s expertise.

Utilize Turkish expertise in public debt management.

Utilize Turkish expertise in housing, infrastructure projects, light trains and public–private partnerships.

Enhance co-operation in areas relating to industry, pharmaceuticals and healthcare.

Enhance co-operation between “Tamkeen” and the Turkish Small and Medium Sized Development Organisation.

Enhance co-operation in youth and sports.

Invite the Turkish private sector to specialised exhibitions in Bahrain.

Exchange expertise in areas such as construction and contract services, agriculture, tourism, education, transportation, health, intellectual property, environment and urban development.