Bahrain-UK Forum examines geo-economic relations

Manama, Sep. 28 (BNA): Government officials and business leaders from the Kingdom of Bahrain and the United Kingdom met in London on 27 and 28 September for the 2016 Bahrain-UK Forum, where they discussed the “Changing Geo-economics of the Gulf Cooperation Council and the UK”. Hosted by the International Institute for Strategic Studies (IISS) and sponsored by the Economic Development Board (EDB), the Forum evaluated the changing dynamics of Gulf-UK economic links, regional demographic and labour market trends and opportunities for British businesses to access fast growth in the Gulf, using Bahrain as an example of successful economic diversification. The event coincided with the bicentenary celebrations of the UK-Bahrain friendship. The first panel session, chaired by Dr John Chipman, Director-General and Chief Executive of the IISS, heard presentations from His Excellency Zayed Al Zayani, Minister of Commerce, Industry and Tourism, and The Right Honourable Dr Liam Fox, Secretary of State for International Trade, on what Brexit means for the Gulf. Sir John Jenkins, Executive Director at IISS-Middle East, chaired a panel focusing on developments in energy markets, the rise of China, economic reform in the Kingdom of Saudi Arabia and other regional dynamics, with insights from Alia Moubayed, Director of Research at Barclays Middle East and North Africa, and Florence Eid, Founder and Chief Executive Officer at Arabia Monitor. Dr Jarmo Kotilaine, Chief Economist at Bahrain Economic Development Board chaired a final panel on new opportunities for British-Bahraini partnership during regional economic transformation, with Mr Khalid Al Rumaihi, Chief Executive, Bahrain Economic Development Board and Simon Martin, Her Majesty’s Ambassador to the Kingdom of Bahrain presenting. On the event, HE Minister Al Zayani praised the opportunity to exchange views and explore new investment opportunities accessible to both sides, in light of the latest international economic and political developments. The Minister said he was positive that the outcomes of mutual understanding would carry a promising sum of ideas that become implementable projects in many areas. Dr John Chipman, Director-General and Chief Executive of the IISS said, “The Gulf is undergoing a great transformation. The six economies of the Gulf Cooperation Council (GCC) are diversifying their economies away from oil and gas and have rapidly expanding, affluent populations. This presents significant opportunities for international investors, particularly those in the UK, given the historically close ties.” Sir John Jenkins, Executive Director of IISS-Middle East, added, “Whilst the UK and the Kingdom of Bahrain have a long term partnership, increased regional and global competition and political shifts demand even further cooperation to move ahead with implementing measures that achieve development goals with mutual benefits.” Mr Khalid Al Rumaihi, Chief Executive of the Bahrain EDB, commented, “Bahrain and Britain have enjoyed a long and fruitful relationship, with this year being a particularly important milestone as we celebrate the anniversary of bicentennial relations. Looking forward, substantial opportunities for British businesses exist in Bahrain and across the GCC and whilst the trade flows are on a positive trajectory, even more can be done.” According to the 2015 Index of Economic Freedom, published by The Heritage Foundation and the Wall Street Journal, Bahrain is the Middle East and North Africa’s (MENA) freest economy country. Overall, the Kingdom is ranked 18th out of 178 economies worldwide. A number of leading British companies have established offices or facilities in Bahrain to access the fast-growing GCC market, including, HSBC, Rolls Royce, Bluewater Bio, Standard Chartered, BAE Systems, National Express, Cluttons, Ordnance Survey International, Atkins and Charles Russell Speechlys.