Bahraini-Egyptian Business Council convenes, agreements signed

Cairo, Apr. 26 (BNA): Within the framework of the official visit of His Majesty King Hamad bin Isa Al Khalifa to Egypt at the invitation of President Abdel Fattah al-Sisi, the Bahraini-Egyptian Business Forum started today in Cairo. The forum is organized by the Ministry of Industry and Commerce in cooperation with Bahrain Chamber of Commerce and Industry and the Federation of Egyptian Industries. During the forum which was attended by more than 40 Bahraini Companies, the Minister of Industry, Commerce and Tourism Zayed bin Rashid Alzayani said that "this forum comes to implement the directives and initiatives of His Majesty King Hamad bin Isa Al Khalifa and his keenness of his Majesty to enhance bilateral relation with Egypt to advanced levels." He added that this forum will highlight joint investment opportunities and potential cooperation be the governments of the two counties in a number of sectors and areas."The business forum included two panel discussions which focused on the public and private sectors in Bahrain and Egypt. The forum also witnessed the signing of a number of memoranda of understanding between both sides of the private sector are as follows: MoU between Tamkeen (Bahrain) and the Social Fund for Development (Egypt). MoU between Economic Businesswomen Council and BCCI (Women Section) and federation of Business Women (Egypt). Trade cooperation between Alzayani Commercial services and Solar solution. Trade cooperation between Alzayani commercial services (Bahrain) and Taya IT (Egypt). MoU in the field of training and development and scientific research between GPIC (Bahrain) and Abu Qir Fertilizers Co. (Egypt). MoU in the field of exchange experiences in maintenance and safety between GPIC (Bahrain) and Abu Qir Fertilizers Co. (Egypt). MoU in the field of preparing feasibility of joint projects in the field of fertilizer industry between GPIC (Bahrain) and Abu Qir Fertilizers Co. (Egypt). Desire to declare to get a land with a capacity of 10 thousand square meters in the logistic area to store and re-export for Midal Cables Company (Bahrain). A letter signed in the field of medicines and beauty cosmiteics between businessmen Khalid Alzayani and president of Eva pharmaceutical Industry Mr. Reyadh Armanious. Protocol agreement between Midal Cables (Bahrain) and the Egyptian Ministry of Electricity (Egypt). MoU in Real Estate Investment and contracting between Naisan Contracting Company (Bahrain) and Al Rehab Co. for projects & Trading (Egypt). MoU between Economic Businesswomen Council and Businesswomen Society (Bahrain) and Federation of Business Women (Egypt). The trade volume with Egypt topped $396 million in 2015, the oil and non-oil trade volume during the same year rose to US 416 million. Bahrain's imports from Egypt stood at $75 million last year, while exports to Egypt reached US 321 million. There are 13 Egyptian companies and agencies registered in Bahrain in the field of pharmacy, aviation, travel, food and tobacco. A total of 255 companies in Bahrain have Egyptians shareholders in the field of tourism, technical consultation, marine services, accounting jewelry and banking. In term of joint existing agreements between the two countries 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 The joint cooperation between the two countries are in the sectors of trade, industry, food security, banking and financial sector, alternative energy, education, tourism, exhibitions and conferences, building materials, livestock.