Opening a trade gateway
Gulf Daily News, Bahrain
Opening a trade gateway
By Soman Baby
19 February 2006
MANAMA: Hundreds of American companies have been invited to a key conference in Bahrain next week to discuss ways to enhance commercial ties between the two countries.
The conference, entitled Free Trade in the Middle East, is being organised by the Bahrain FTA Implementation Committee, a subcommittee of the Economic Development Board (EDB), at the Sheraton Hotel on February 27.
The event, which will be attended by US Commerce Secretary Carlos Gutierrez, will bring together US and Bahraini companies to discuss opportunities emerging from the US-Bahrain FTA.
The conference will mark the practical launch of the FTA preparations, following the ratification by the two countries’ legislative authorities last year. The pact is the first between the US and any Gulf Arab state.
It is a valuable opportunity for the Bahraini private sector, providing an excellent opportunity for direct talks with their American counterparts, said EDB deputy chief executive Dr Zakaria Hejres.
The sectors covered in the event include communications and information technology, financial services, energy and industry, tourism infrastructure and healthcare.
The conference will provide businesses with latest information on industrial opportunities, trade leads, business practices, and other key aspects for achieving business success in the region.
It will also include commercial attachés from US embassies throughout the region.
The event will also showcase the advantages of free trade to other countries in the region and the benefits of continued pursuit in liberalising their respective economies.
The conference is planned during the visit of Mr Gutierrez, who will be in Bahrain for talks with senior officials on February 26 and 27.
Mr Gutierrez will be here as part of a tour of the Arab World, during which he will visit Saudi Arabia and Egypt between Thursday and March 3.
Bahrain is confident that the FTA will help attract more foreign investments, create further job opportunities and transform Manama into a gateway for foreign investments, said Dr Hejres.
"Non-Bahraini companies aspiring to reach the American market, the world’s biggest, will also be able to open branches in Bahrain for exports," he added.
"US banking institutions, and commercial and investment agencies will take part in the conference, opening wider horizons for discussions with the Bahraini delegates, aiming at reaching mutual visions for dual trade agreements.
"The Bahraini private sector, in particular, will be given wide opportunities to enter the massive US market, with an estimated 250 million potential costumers."
Speakers in the conference will include delegates from the Bahrain FTA Implementation Committee, the American Chamber of Commerce in Bahrain and the US-Middle East Free Trade Coalition.
The Bahrain FTA Implementation Committee was recently set up to follow up the steps to execute the FTA.
The committee’s targets include providing the best methods to maximise benefits to the Bahraini private sector through efforts to promote the national economy and to overcome obstacles in this respect.
BCCI chairman Dr Esam Fakhro, representing the private sector, was designated as chairman for committee, a step aimed at motivating the sector to lead economic development and contributing to the EDB’s economic reforms.
The EDB, in co-operation with the BCCI, had organised FTA workshops during the first week of December 2005.
Representatives from the consulting company Booze Allen Hamilton spoke in the workshops, and held positive discussions regarding the mechanisms of joining the American market and the investment opportunities in it.
Dr Hejres, who is also the deputy chairman of the FTA committee, said the conference would help Bahraini companies to establish wider trade relations with their American counterparts, and to exhibit available investment opportunities in their sectors to those investors.
Companies interested in taking part in the event can register via the EDB’s website www.buyusa.gov/bahrain or can send their requests to e-mail nadia.alshihani@bahrainedb.com
Alternatively, participants may call the EDB on 17589899.
