$3.2 billion investments

TDT | Manama

Bahraini investments in Egypt have amounted to about $3.2 billion through a total of 216 ventures, Bahraini Ambassador in Cairo and Arab League permanent representative Hisham bin Mohammed Al Jowder said yesterday. Ambassador Al Jowder was speaking as he participated in the first edition of the Bahrain-Egypt Investment Forum, held through visual communication technology.

The event confirms the depth of ties between Bahrain and the sisterly Republic of Egypt in various fields, which maximizes economic relations and increases the volume of joint investments and trade. These follow the directives of His Majesty King Hamad bin Isa Al Khalifa and Egyptian President Abdel Fattah El Sisi, the ambassador said.

He highlighted that Bahrain is ranked 16th amongst countries investing in the Egyptian market, with a number of agreements established between the two countries. The Bahraini ambassador commented: “We are currently working to activate initiatives aimed at strengthening economic cooperation between Manama and Cairo, based on the strength of political and strategic relations.

“There is an ambitious plan to increase the volume of trade.” Ambassador Al Jowder indicated that the volume of intra-regional trade, with regards to the non-oil sector for the year 2019, amounted to $471 million. He pointed out that Egypt is ranked fifth, with 5.82 per cent, as a trade partner for Bahrain, with non-oil exports for 2019 valued at $356 million.

On imports for 2019, Egypt ranked 25th as a commercial partner with the Kingdom at a rate of 0.70 per cent and a value of $93 million. He also indicated that the trade balance between the two countries, according to the latest statistics, reached $286 million, and the number of registered Bahraini companies with shareholders from Egypt reached 1,260.

Ambassador Al Jowder stressed that there is an abundance of investment opportunities in both countries, and added that he is ready to meet with businessmen from either nation to provide all aspects of cooperation and support. He noted the importance of forming a committee to follow up on the mechanisms of increasing the volume of trade between the two countries.

The Bahraini Ambassador indicated that economic relations between Bahrain and Egypt are characterised by deep, historic ties, which have only been strengthened since the establishment of Bahrain’s Embassy in Cairo in 1971 and the subsequent visits between leaders of the two countries.

He explained that economic relations have succeeded through joint development projects in all fields, and affirmed that HM the King gives Egypt the utmost importance as it is a major artery for trade and investment.

The Bahrain ambassador invited Egyptian businessmen to invest in Bahrain. He stressed that the Kingdom possesses all the necessary elements to attract foreign companies, being a key platform to reach other GCC markets.