American Chamber of Commerce discussion forum... Bahrain Ambassador in Washington: Success to attract investment thanks to open economic environment
The Ambassador of the Kingdom of Bahrain to the United States of America, Shaikh Abdullah bin Rashid Al Khalifa, affirmed that the continued economic growth and success of the Kingdom to attract foreign investments was thanks to the natural and open economic environment under the reform policies of His Majesty King Hamad bin Isa Al Khalifa as well as the wise economic policies, in line with Bahrain’s Vision 2030.
He said that the successful visits of the Crown Prince to the US last November further bolstered the outstanding relations between the two countries, including economic ties that witnessed the signing of agreements amounting to nearly $10 billion.
This came during a discussion forum held by the American Chamber of Commerce to discuss the outstanding economic ties between the Kingdom of Bahrain and the US as well as to promote the investment forum “Gulf Gateway” to be held in Bahrain from 8 to 10 May.
The discussion forum was attended by the Chief Executive Officer of the Urban Planning and Development Authority, Shaikh Nayef bin Khalid Al Khalifa, a number of officials from the US Departments of State and of Commerce as well as over 20 American companies.
The Ambassador of the Kingdom of Bahrain to the United States of America reviewed the latest developments regarding major projects being implemented in the Kingdom, including the project to expand Bahrain International Airport and build the King Hamad Causeway and well as develop the Bahrain Financial Harbor and Diyar Bahrain. Such projects represent a major investment opportunity for American companies.
He also highlighted the steady growth witnessed in the trade exchange between the two countries since the ratification of the Free Trade Agreement more than a decade ago, as the Kingdom of Bahrain, the first Gulf state, concluded such an agreement with the US.
Regarding the recent decision by the US Administration to impose a customs tariff on imports of aluminum and steel, the Kingdom of Bahrain is awaiting the decision to be issued by the US Department of Commerce on the mechanism for applying for customs exemptions soon. The Ambassador expressed his confidence that the Kingdom of Bahrain, as an important military ally and economic partner of the US, will be able to meet the requirements of these anticipated exemptions.
During the seminar, the Ambassador announced that the Gulf Gateway investment forum, to be organized by the Economic Development Board in May, would focus on investment in oil and gas, real estate development, tourism, housing, electricity and water, manufacturing and housing. It will host a group of investors and chief-executive-officers of international companies specializing in many fields.
He said that the forum would include two tracks, one on high-level talks that will include the participation of governments, sovereign wealth funds and multinational companies, and will focus on identifying investment opportunities in the Gulf market, while the other will be on specific investment opportunities and investment-ready projects.
In a related context, the Ambassador announced the hosting of the American Chamber of Commerce to the Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, and Executive Officer of the Economic Development Board, Khaled Amro Al Rumaihi, in April, to market the investment forum.
He stressed that the distinguished Bahraini-American relations in the economic and security fields are not only interrelated, but are an important element in the security and stability of the region.
Shaikh Nayef said that the Urban Development and Planning Authority is currently implementing the Kingdom's development and urban planning policies in line with the three basic principles of Vision 2030, which are sustainability, competitiveness and justice.