Bahrain-British trade relations reviewed

Manama, Oct. 5 (BNA): Minister of Industry and Commerce and Tourism Zayed R. Alzayani was a guest of honour and Keynote Speaker in the Bahrain British Business Networking Lunch Meeting, held in presence of UK Ambassador to Bahrain Simon Martin, BBBF Chairman Khalid R. Alzayani and a number of Businessmen and businesswomen. The minister presented a visual presentation which touched regulatory developments and procedures and steps undertaken by the Ministry of Industry and Commerce and Tourism with aim to remove barriers to business and to facilitate procedures in all ministry’s services. The minister also reviewed the ancient trade relations between the two kingdoms, which will be celebrating bicentennial in 2016. The minister also stated that in 2014 the total trade between the two country is US$ 419 million, UK exports is US$ 340 million and Bahrain exports is US$ 79 million. In contrast, there are 325 Bahraini companies operating with UK investors and 92 UK companies have branches in Bahrain. During the presentation, the minister touched the most important achievement of the Ministry during 2015 which include: Passed new Private Pearl Testing labs law Issued new hotel classification Enforced new Industrial land regulations Launched BLIS Deregulated formation requirements – Abolished minimum capital requirements – Migrated from positive list to negative list – Abolished qualifications requirement Merged Tourism & Exhibitions The most important future plans and programs to be implemented by the ministry as follows: New legislation; – Industrial Land Law – Commercial Registration Law – Commercial Companies Law – Bankruptcy Law Further deregulation to ease business – Virtual CRs New Exhibition & Convention Center at the Bahrain International Circuit (BIC) New Tourism focus and new branding Increased emphasis on SME; – Export development center – Made in Bahrain seal of excellence (Ministry of Industry, Commerce and Tourism) In this context, the Minister invited British investors to participate in the "Invest in Bahrain Forum" that ministry organize it yearly, which aims to promote investment opportunities in the Kingdom of Bahrain under appropriate environment and infrastructure. It should be noted that the BBBF was set up in 1995 and has grown from the original 16 members to over 450 members today. It aims to promote trade and investment between Bahrain and Britain. The BBBF is widely recognized in Bahrain and the UK as a leading impartial business sector group. The Forum works to create and sustain a favourable business environment. The BBBF strives to assist and introduce new trade and investment to both countries to benefit and enhance the common economic interests of our member companies.