Industry Minister: Bahrain-UK trade volume increasing remarkably

Manama, June 19 (BNA): Minister of Industry and Commerce Zayed R. Al-Zayani, has confirmed that the UK has been a major investment partner to Bahrain on a global scale for more than 200 years, and that the growth in trade volume between both countries is witnessing remarkable development in various sectors, reflecting the significance of the distinguished historical bilateral relations. The minister made the statements during his participation as a Guest Speaker in a luncheon organised by the Bahrain British Business Forum (BBBF) in the presence of the British Ambassador to Bahrain, Roderick Drummond, and Khalid bin Rashid Al-Zayani, Chairman of the Board of Directors of the Forum and a number of officials and stakeholders. During the luncheon, several topics and upcoming projects were reviewed by both countries at the Diplomat Hotel - Bahrain. The Minister reviewed a number of important and vital topics, including the results of the meetings of the UK-Bahrain Joint Working Group, most importantly the FTA between the GCC and the UK, which is one of the most ambitious and comprehensive agreements, which will contribute to strengthening relations and economic growth by promoting trade in goods, services and other areas that benefit the public and private sectors of both parties. The Minister then discussed Bahrain’s strategic and ambitious Economic Recovery Plan, launched by the Government of the Kingdom of Bahrain in 2021. The new plan aims to enhance Bahrain's long-term economic competitiveness, while achieving sustainability goals, which are based on several pillars that include the labour market reform plan, a regulatory reform package, a strategic project plan, a financial balance programme and priority sector development plan. He also pointed out that the Kingdom of Bahrain’s launch of a new 10-year Golden Residency visa (Golden Visa) which provides expatriates and foreign investors with the opportunity to stay in the country permanently, elaborating on the positive impact this step has on attracting more investments and other positive outcomes on the economic sector. Al-Zayani also presented the new SIJILAT 3.0 update, an advanced electronic system highly qualified in the registration and licensing of businesses in the Kingdom of Bahrain and fully connected to all electronic systems of the relevant government entities. He expressed hope that the forum will achieve its ambitious goals in developing the distinguished relations between Bahrain and the UK.