Bahrain can make an ideal headquarter for U.S. firms looking for investment opportunities in the Gulf region, His Excellency Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Economic Development Board (EDB) told a gathering of economic and investment decision makers amidst an extensive visit to the City of Phoenix.
Shaikh Mohammed is heading a Bahraini delegation visiting the United States in a roadshow that started on the 14th of February and includes talks with a number of US companies on joint economic and trade opportunities. He said Bahrain is looking to build stronger economic relations with the U.S. market that will bring more benefits to the Bahraini citizens.
In a presentation at the Walter Cronkite School hosted by APL and attended by members of Greater Phoenix Economic Council, Shaikh Mohammed said Bahrain is keen on improving investment in a number of economic sectors, outlining to the attendees the recent steps taken by the Kingdom to diversify its economy and create investment opportunities.
Shaikh Mohammed said Bahrain’s economic diversification, and its proximity to the Middle East largest markets makes it an ideal gateway to a $1 trillion market.
Employing over 4,000 staff in 200 offices, APL is a wholly owned subsidiary of Singapore-based Neptune Orient Lines, a global transportation and logistics company engaged in shipping and related businesses.
On Monday, Shaikh Mohammed Bin Essa signed a memorandum of understanding (MOU) with Mr. Phil Gordon, Mayor of the City of Phoenix, Arizona
The MOU provides a framework for a joint action in which the two parties seek to establish a bilateral partnership and strengthen cooperation between the Kingdom of Bahrain and the City of Phoenix in the areas of development and follow-up business, joint projects and exchange of information and technology knowledge between them. It will also include strengthening the support and cooperation among parties in the sectors of manufacturing, food processing, ICT, logistics, industrial services as well as heating and air conditioning, in addition to focus on promoting exports.
The Bahraini delegation also includes representatives from Mumtalakat, Tamkeen, and a number of businessmen representing the Chamber of Commerce and Industry like Khalid Al Zayani, Hamed Al Zahani, Khalid Al Ameen, Adel Al Safar, Sameer Nass, Moenis Al Mardi, and Jehad Ameen.
The Kingdom has close historical ties with the United States in various fields and levels, especially the bilateral trade and investment opportunities. Bahrain hosts 53 U.S companies, and 193 U.S.-Bahraini partnerships. Bahrain was among the first countries in the region to sign a free trade agreement with the United States, which entered into force in 2006, contributing to doubling the foreign direct investments in the Kingdom from just about 1.13 billion BD before signing the agreement to 2.4 billion dinars three years later according to the Ministry of Industry and Commerce.
