Industry ministry praises Bahrain-Egypt economic ties

Manama, Apr. 25 (BNA): Minister of Industry, Commerce and Tourism Zayed R. Al-Zayani said that "relations between the Kingdom of Bahrain and Egypt have an exceptional position and the visits between the two leaderships play a key role in strengthening and deepening these ties, especially in the economic field, regarding investments, trade, industry and tourism which have been expanded thanks to the directives the leaderships and governments of the two countries." A high level economic delegation headed by the Minister of Industry, Commerce and Tourism will hold Bahraini-Egyptian Business Forum on Tuesday April 26, 2016 in cooperation with the Bahrain Chamber of Commerce and Industry and the Federation of Egyptian Industries in presence of more than 40 Bahraini companies as well as a large number of Egyptian companies and businessmen to feature co-investment opportunities and potentials for cooperation between them especially in light of facilities provided by the two countries. During the forum will also be signing a number of agreements and memorandums of understandings. The trade volume with Egypt in 2015 is US 396 million, the oil and non-oil trade volume during the same year is US 416 million and Bahrain import from Egypt in 2015 is US 75 million. The export volume to Egypt has reached US 321 million. There are 13 Egyptian companies and agencies registered in Bahrain in the field of pharmacy, aviation, travel, food and tobacco. There are 255 companies in Bahrain has Egyptians shareholders in the field of tourism, technical consultation, marine services, accounting jewelry and banking. The existing agreements between the two countries are as follows: promotion and protection of investment agreement 1997 Avoidance of Double Taxation agreement 1997 Agreement on establishing an Egyptian trade center in Bahrain 1997 Agreement to Facilitate and Develop Trade among Arab States 1982 MoU between the Ministry of Industry and Commerce and Egyptian Ministry of Commerce and Industry in the field of technology centers 2009 MoU in creating and managing industrial zones between Bahrain and Egypt 2009 Cooperation between the two countries is in the sectors of trade, industry, food security, banking and financial sector, alternative energy, education, tourism, exhibitions and conferences, building materials, livestock.