Bahrain and Egypt aim to more than double their bilateral trade
Bahrain and Egypt are aiming to more than double their bilateral trade to around $1 billion this year, according to Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa.
Current trade volume reached half a billion dollars in 2024.
Speaking at a Press conference at the Arcapita Building following the second meeting of the Bahraini-Egyptian Governmental Committee for Trade, Economic, Scientific and Technological Co-operation, Shaikh Salman outlined plans to strengthen economic ties.
These include increasing direct flights to facilitate passenger and goods transport, enhancing academic co-operation, and establishing joint customs facilities to support investment and economic growth.
The minister highlighted the importance of integration in industry, infrastructure and sustainable economic development to bolster supply chains and achieve self-sufficiency through localising industry.
This, he said, would create job opportunities and support economic diversification.
Shaikh Salman emphasised the focus on developing tourism by increasing flights and expanding co-operation in financial technology and student exchange programmes.
He also announced a business forum in Cairo to encourage co-operation between Bahraini and Egyptian business communities and facilitate investment.
The forum will bring together investors and stakeholders to discuss opportunities for enhancing trade and investment co-operation, contributing to the two countries' aspirations for sustainable economic development.
The minister reiterated Bahrain's commitment to increasing trade with Egypt, particularly in industry, digital services, and tourism.
The Bahraini-Egyptian Governmental Committee for Trade, Economic, Scientific and Technological Co-operation convened its second meeting in Manama earlier under the chairmanship of the Finance and National Economy Minister and his Egyptian counterpart Ahmed Ashraf Kouchouk.
Both sides discussed diverse issues pertaining to vital areas like tourism, fintech, renewable energy, artificial intelligence and increasing investment opportunities.
The Egyptian minister affirmed keenness to take bilateral co-operation to new heights mainly in the trade, investment and technological fields.
Concerning the latest developments regarding mutual recognition of the economic operator programme between both countries, Mr Kouchouk said an array of facilities have been approved to facilitate the foreign trade movement and reduce time and cost to improve the competitiveness of the Egyptian economy.
The Egyptian minister underscored the importance of the agreement in reducing the customs clearance time between both countries.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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