Bahrain-Turkish Joint Committee convenes in Ankara

Ankara, Mar.2 (BNA): The Sixth Bahrain-Turkish Joint Committee convened earlier today in Ankara, Turkey, co-chaired by Shaikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance, and Mehmet Simsek, Deputy Prime Minister of the Republic of Turkey, in charge of the Economic and Financial Sector. Both sides reiterated their common interest in enhancing economic co-operation and bilateral trade, along with further private sector joint investments and ventures. A Memorandum of Understanding (MoU) on Civil Service was signed on the sidelines of the session. They confirmed the existence of great potential for further increasing and diversifying their trade volume, and welcomed the Co-operation Agreement signed on March 1, 2016 between the Bahrain Chamber of Commerce and Industry and the Union of Chambers and Commodity Exchanges of Turkey (TOBB). They commended the existence of a legal framework favourable for investment, particularly through two agreements on the promotion and protection of investment and the avoidance of double taxation, which entered into force in 2014. They also agreed to support direct investments and joint ventures of each other’s companies and individuals, and encourage visits between their banking, insurance and other financial institutions, with a vision for exchanging expertise with regard to Islamic finance products. The key results of the committee could be summarised as follows: - Identifying Bahrain as a regional centre for the distribution of Turkish products. - Enhancing co-operation in the financial and banking sectors, particularly with regard to Islamic banking and benefiting from the expertise of the Bahrain Institute of Banking and Finance (BIBF). - Benefiting from the Turkish expertise in public debt and fiscal systems management. - Benefiting from the Turkish expertise in housing, infra structure projects, light trains and public –private sector partnerships. - Enhancing co-operation in areas relating to industry, pharmaceuticals and healthcare. - Enhancing coordination in pertinent international bodies and co-operation between "Tamkeen" and the Turkish Small and Medium Sized Development Organisation (KOSGEB). - Enhancing co-operation in youth and sport and inviting the Turkish private sector to specialised exhibitions organised in Bahrain. - Exchanging expertise in a wide range of areas such as construction and contracting services, agriculture, tourism, education, transportation, health, intellectual property, standardisation, environment and urban development, and youth and sport. The Bahrain delegation included Dr. Ebrahim Y. Al Abdulla, Bahrain Ambassador to Turkey, Khaled Al Rumaihi, Chief Executive, Economic Development Board, Mahmood H. Al Kooheji, CEO, Bahrain Mumtalakat Holding Company "Mumtalakat", Ahmed A. bin Hindi, Executive Bureau Member, Bahrain Chamber of Commerce and Industry , Yusuf A. Humood, Assistant Undersecretary for Economic Affairs, Ministry of Finance (MOF), Eman A. Al Dosary, Assistant Undersecretary for Foreign Trade, Ministry of Industry, Commerce and Tourism, Sami A. Buhazza, Assistant Undersecretary for Housing Projects, Ministry of Housing, and a number of officials.