Bahrain - U.S. trade reaches nearly $1 billion in first half of 2021

Manama, Oct. 4 (BNA): US embassy Chargé d’Affaires to Bahrain Margaret Nardi has sounded a note of optimism about the future of the ties binding the two nations and deepening partnerships across sectors between them. "Since coming into force in 2006, the Free Trade Agreement has tripled two-way trade and has created new investment opportunities in both the United States and Bahrain," she said as the two countries mark the 15th anniversary of the U.S.-Bahrain Free Trade Agreement (FTA), the cornerstone of the bilateral economic ties. "Trade between our two countries reached $3 billion in 2018, the highest reported figure in the FTA’s history, following the sale of Boeing 787-9 Dreamliner aircraft to support Gulf Air’s preparations to resume direct flights to the United States." Although the pandemic-induced global economic downturn reduced bilateral trade to $1.5 billion in 2020, total U.S.-Bahrain trade reached nearly $1 billion for the first half of 2021, she said. The FTA has consistently generated annual bilateral trade volumes exceeding $1 billion for the past 15 years. According to the latest U.S. Department of Commerce statistics from 2020, the United States has invested over $570 million in Bahrain, more than triple the $161 million balance of foreign direct investment in 2016, she added. "Similarly, Bahrain has invested $365 million in the United States, up from $190 million in 2018. Bahrain’s outward investment flow to the United States supports over 8,600 American jobs in the communications, information technology, and heavy metals industries." Marking the anniversary, the embassy is organizing the Discover America Week on October 3- 7 that will provide an opportunity for the U.S. embassy in Bahrain, the American Chamber of Commerce, and friends and partners in Bahrain to highlight two-way economic benefits and to reinforce the strong and deepening partnerships across sectors between the two countries. "Through our Discover America Week events, we will have a chance to explore the diversity of American franchises and iconic brands, as well as discover new opportunities in the tourism, health, energy, and automobile sectors that are creating jobs and promoting economic prosperity for Bahrain’s citizens and its residents," Nardi said. "Discover America Week 2021 will also promote the opening of new American franchises in Bahrain’s thriving hospitality sector, including Chili’s and Papa John’s, which are launching new stores in Manama, and the Hilton, which is opening a new hotel in Bahrain Bay. All three businesses showcase iconic American brands that are hiring staff and contributing to Bahrain’s economic success and its expanding tourism sector." In partnership with the Bahrain Sustainable Energy Authority, the U.S. embassy will host a virtual presentation on emerging investment opportunities in solar, wind, and waste-to-energy projects. To expand bilateral ties under the Free Trade Agreement further, the embassy will launch virtual information sessions on the process for obtaining non-immigrant visitor and business visas, as well as a separate webinar on educational opportunities and how to pursue study in the United States. The embassy, in collaboration with the American Chamber of Commerce, will present a virtual webinar to explain Bahrain’s new health system, Sehati, and explore investment opportunities for U.S. insurance providers. Though COVID-19 pandemic restrictions on mass gatherings have been eased, to remain safe, most of the public programming will be virtual, and will be readily accessible via the U.S. embassy’s Instagram, Twitter, Facebook, and YouTube accounts.