Latest news with #BahrainChamber
Daily Tribune
4 days ago
- Business
- Daily Tribune
South Korean firms eye Bahrain as gateway to MENA at business forum
Bahrain's business- and investor-friendly environment was hailed as an ideal gateway to the Middle East and North Africa (MENA) region during the 7th Bahrain-Korea Business Forum, held yesterday in Manama. The forum brought together over 100 governmental and business representatives from Bahrain and South Korea, underscoring the growing economic partnership between the two nations. Hosted by the Embassy of the Republic of Korea in close cooperation with Bahrain's Ministry of Industry and Commerce, the Economic Development Board, Bahrain Chamber, and the Bahrain–South Korea Friendship Society, the forum highlighted opportunities for deeper collaboration in sectors such as ICT, smart farming, K-beauty, and food. Speaking at the event, Dr KOO Heonsang, Korean Ambassador to Bahrain, praised Bahrain's efforts toward economic diversification under the Economic Vision 2030. He said Bahrain's business- and investor-friendly environment makes it an ideal gateway to the MENA region. Ambassador KOO also welcomed the upcoming ratification of the Investment Promotion and Protection Agreement, signed last year between Korea and Bahrain. Once in force, the agreement is expected to create a more secure and predictable environment for cross-border investments. Other key speakers included Abdulla Fakhro, Bahrain's Minister of Industry and Commerce; Mohammed Al Kooheji, Second Vice-Chairman of the Bahrain Chamber; and Ahmed bin Hindi, Chairman of the Bahrain–Korea Friendship Society. They all emphasised the strategic importance of strengthening Bahrain-Korea economic cooperation. Since its inception in 2017, the Bahrain-Korea Business Forum has alternated biennially between the two countries. This year's edition witnessed a record turnout of Korean companies, including CJ ENM, Korea Electric Power Corporation, Posco International, and DAESANG, along with leading government agencies such as KOTRA, NIPA, aT, and KOAT—reflecting the deepening of bilateral ties and growing mutual interest in business collaboration.
Daily Tribune
4 days ago
- Business
- Daily Tribune
Chamber Reports Trade Boost
TDT | Manama Trade growth spotlighted at Bahrain-Korea forum Bahrain's trade with South Korea jumped by 15 percent in 2024, reaching over $458 million, the Bahrain Chamber revealed at the seventh Bahrain-Korea Business Forum held on Wednesday in Manama. The forum, hosted at the Radisson Blu Hotel, brought together senior business leaders and government officials from both nations to review achievements and chart future opportunities. Mohammed Abduljabbar Al Kooheji, Second Vice Chairman of the Bahrain Chamber, delivered the keynote address, stressing that the growth in trade reflects a deepening partnership built on trust and long-standing cooperation. Strategic opportunities Al Kooheji pointed to vital sectors such as life sciences, healthcare, tourism, education, financial services, and automobiles as areas ripe for investment and joint ventures. He encouraged Bahraini and Korean businesses to explore these domains to unlock shared value and innovation. He further commended the forum's track record, noting that its continuity signals strong commitment from both sides to strengthen ties through consistent dialogue and collaboration. Diplomatic presence The forum was attended by H.E. Dr. Koo Heonsang, Ambassador of the Republic of Korea to Bahrain, who reiterated Korea's interest in broadening economic and trade cooperation with the Kingdom. Business representatives from both countries also discussed policy alignment and private sector facilitation. Building on momentum Held for the seventh time, the forum continues to serve as a bridge between two dynamic economies, with each edition reinforcing mutual economic goals and setting the stage for future growth. The Chamber's participation underlines Bahrain's drive to leverage regional partnerships for sectoral diversification and post-oil resilience.
Zawya
7 days ago
- Business
- Zawya
Bahrain's economy is on track for significant transformation
Bahrain's economy is poised for a significant transformation following the inaugural Bab Al Bahrain Forum organised by the Bahrain Chamber, with comprehensive recommendations emerging to forge a sustainable future for trade and employment amidst global economic shifts. Held last month under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, the high-profile event convened international leaders, policymakers, and economic experts at the Four Seasons Hotel Bahrain Bay to address pressing global challenges and chart a path for economic growth and resilience. Bahrain Chamber chairman Sameer Nass revealed at a Press conference yesterday that the forum generated more than 200 recommendations, including 36 key strategic proposals. These initiatives are meticulously crafted to bolster Bahrain's and the broader Gulf region's economic landscape across critical sectors. Besides the chairman, the Press conference was attended by first vice-chairman Khalid Najibi, second vice-chairman Mohamed Alkoheji as well as members of the executive committee, the board, and key management officials. 'Key high-impact recommendations spanned sectors including food, health, industry and energy, transport and logistics, finance, insurance and taxes, education and training, hospitality and tourism, commercial markets, technology, and real estate and construction,' said Mr Nass. In the food sector, proposals included launching national investment initiatives, establishing strategic food warehouses, facilitating food product exports, and developing public-private partnerships for modern central markets to enhance national food security and market access. 'Ensuring our food security through strategic partnerships and robust infrastructure is paramount for Bahrain's long-term stability,' he added. For health, recommendations focussed on forming a higher national committee for sustainable health policies and launching an international health accreditation initiative with financial and technical support to bolster the sector's quality and competitiveness. The industry and energy sector highlighted activating renewable energy adoption through new laws, improving efficiency in large-scale industries, and establishing an independent sustainable energy authority. 'The transition to green energy is not just an environmental imperative but a significant economic opportunity for Bahrain,' said Mr Nass. In transport and logistics, calls were made for strategic incentive packages for infrastructure investment, redesigning regulatory frameworks, and establishing unified systems to streamline clearance procedures and enhance competitive services. As for finance, insurance and taxes, the recommendations address concerns over tax policy, advocating for maintaining Bahrain's competitiveness with lower taxes, ensuring clarity on tax frameworks, implementing e-invoicing, and promoting innovation in banking products, particularly for small and medium-sized enterprises (SMEs). The education and training sector is seeking to implement educational tourism and has urged greater autonomy to institutions in curriculum development, alongside facilitating admission and visa procedures for international students. For hospitality and tourism, recommendations included launching a national qualification programme, prioritising Bahraini hiring managers, and integrating tourism into school curricula. To address challenges facing commercial markets, the chamber has focused on policy reviews for startups, proposing updated laws, flexible rental payment packages, and postponing VAT collection on imported goods until after the sale process. 'As for the technology sector, our aim at the chamber, is to address funding difficulties for startups by establishing a dedicated investment fund and organising awareness sessions for financing proposals. Supporting our tech startups with dedicated funding and guidance is crucial for driving innovation and diversifying our economy,' Mr Nass added. In real estate and construction, proposals included establishing a public company for basic material supply and facilitating property purchase and financing for foreign investors. Beyond sectoral specifics, the forum outlined broader strategic themes, emphasising 'Global Transformations and Economic Resilience' through diversification and infrastructure development, and Gulf economic integration via unified policies in trade and food security. The forum underscored the imperative of Digital and Green Transformation, promoting AI adoption and circular economies. 'Our strategies for global trade and supply chains included localising high-value flows and leveraging predictive analytics and blockchain. The forum also stressed private sector empowerment, advocating for collaborative ecosystems to stimulate innovation,' he added. Discussions on Emerging Market Strategies drew lessons from successful economies, while Innovation and Intellectual Property Policies focused on enhancing IP laws and R&D incentives. A strong commitment to Sustainable Growth and ESG Standards was evident, alongside addressing Future Challenges and Climate Adaptation through restructured economic programs and regional investment blocs. 'Our collective commitment to sustainability and ESG standards will be the bedrock of long-term economic stability and growth,' said Mr Nass. The forum saw significant participation from international institutions, including the International Labour Organisation (ILO), the World Trade Organisation (WTO), and the International Chamber of Commerce (ICC), alongside the GCC General Secretariat, underscoring a collective commitment to fostering a stable, sustainable, and inclusive economic future for Bahrain and the wider region. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Daily Tribune
23-05-2025
- Business
- Daily Tribune
Bahrain Chamber expands German links
TDT| Manama A call for stronger cooperation in the digital economy and expanded investment links with Germany took centre stage as Bahrain Chamber Chairman Sameer Nass led a high-level delegation to Berlin this week. Speaking at the Arab-German Chamber (Ghorfa) board meeting, Nass underscored the urgent need for joint initiatives to foster innovation-driven growth amid global challenges. Nass highlighted the EURO62.1 billion trade between Germany and Arab nations in 2023, describing it as a solid base for deeper engagement. He noted that Bahrain-Germany trade alone amounted to $656 million during the same period. Digital Focus The Chamber's chairman stressed that digital cooperation must be a cornerstone of future Arab-German relations. 'To sustain economic growth, we need to look beyond traditional sectors and embrace the digital economy,' he said during the event in Berlin. Nass also pointed to significant opportunities to expand trade and investment despite macroeconomic headwinds, suggesting that Germany and the Arab world should jointly explore forward-looking sectors. Strategic Role The Bahrain Chamber delegation took part in the 28th Arab-German Business Forum, which focused on sustainable integration and long-term partnerships. First Vice-Chairman Khalid Najibi addressed the gathering, noting Bahrain's role as an investment gateway to the Gulf. He called for deeper ties with Germany, especially in renewable energy and technology, and stressed that Bahrain's geographic and regulatory advantages make it a natural partner for German businesses looking to enter the region. Future Growth Path Secretary- General of the Union of Arab Chambers, Dr. Khaled Hanafy, urged a shift from conventional trade towards technology transfer and joint investments. 'Sustainable development requires us to move together into new economic territory,' he said, echoing the Chamber's position. The meetings are expected to lay the groundwork for follow-up agreements, especially in future-oriented sectors like digital infrastructure and clean energy.
Zawya
19-05-2025
- Business
- Zawya
Bahrain's economy ‘witnesses solid growth in fourth quarter'
Bahrain's economy saw solid growth in the fourth quarter of 2024, driven by a robust expansion in its non-oil sector, though trade within the GCC experienced a slight dip, according to a new report. The report by the Bahrain Chamber reveals that the kingdom's real Gross Domestic Product (GDP) expanded by 3.4 per cent year-on-year in Q4 2024. This growth was largely fuelled by a 4.6pc surge in the non-oil sector. In contrast, the oil sector contracted by 3.5pc. Among the non-oil sectors, Information and Communication led the way with a remarkable 12.4pc growth. Transportation and logistics also saw significant expansion, growing by 11pc, while the manufacturing sector grew by 7pc. Financial and insurance activities remained the largest contributor to Bahrain's real GDP, accounting for 17.3pc. Despite the strong domestic performance, trade between Bahrain and its GCC neighbours saw a slight decrease. The total volume of trade between Bahrain and other GCC countries fell by 2pc to $2 billion in Q4 2024, compared to $2.03bn in Q4 2023. However, trade between Bahrain and Qatar bucked this trend, soaring by 255pc. In Q4 2024, trade with Qatar reached $116.05 million, a significant jump from $32.73m in the same period of the previous year. Saudi Arabia remains Bahrain's largest trading partner within the GCC, with trade increasing by 2pc to $984m. The UAE was the second-largest, although trade between the two countries decreased by 10pc to $710m. Trade with Kuwait and Oman also declined, falling by 18pc and 24pc, respectively. China continues to be a major player in Bahrain's trade. It is Bahrain's top import partner, with imports valued at $571.2m, with smartphones being the top imported commodity. Saudi Arabia is the top export partner, with exports valued at $739.4m, with iron ores and concentrates leading exports. Bahrain also saw increases in domestic financial transactions. Fawri+ transactions, an instant fund transfer service, increased by 12pc, and Point of Sale (POS) transactions rose by 14pc in Q4 2024 compared to the same period in 2023. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
