EDB Chief Executive leads Bahrain Delegation on US Roadshow

13 February 2011
Source : Bahrain Economic Development Board

The roadshow, which continues to 18 February, will see the delegation engage in talks with leading US companies in the cities of Phoenix and Minneapolis.  Joining Shaikh Mohammed and officials from the EDB are senior figures from the Kingdom’s thriving private sector – the engine of growth under the Kingdom’s Vision 2030, which is the blueprint for the development of Bahrain’s economy, government and wider society over the coming decades. They will discuss the opportunities presented by the trillion dollarGulf, the Kingdom’s own steady and sustainable economic growth and the Bahrain-US Free Trade Agreement (FTA).

Shaikh Mohammed said: “We are here to build on our longstanding and close diplomatic relationship with the US and our strong economic and trade connections – including the success of the FTA.  For us in Bahrain, the US is one of the most important markets in the world.  It has a vibrant private sector which we seek to emulate through our Vision 2030.  And US companies will find synergies with our business friendly environment.  Bahrain is helping a growing number of international companies to realise the opportunities of the trillion dollarGulf market and we look forward to welcoming an even stronger presence of these from the US.”

Bahrain enjoyed real GDP growth of 70 percent over the past decade, with 2010 GDP reaching 4.3 percent.  The International Monetary Fund (IMF) anticipates further growth to 5 percent in 2011. The Bahrain-US FTA – the first between the US and any Gulf nation – has boosted opportunities for US businesses looking to access such growth, and that of the region.  Signed in 2004 and coming into force in 2006, it has been the cornerstone of growing bilateral trade which in 2008 exceeded US$1.4 billion, an increase of 25 percent in just three years.
Bahrain is now home to over 50 American companies including American Express, Occidental, JP Morgan Chase Bank, Kraft, Fed Ex and Dun and Bradstreet.  According to Shaikh Mohammed, the Kingdom’s ICT, logistics and manufacturing sectors offer vast potential for investment and growth and opportunities for professional and business services abound: in law, accounting, management consultancy, marketing, engineering and more.  Bahrain is also the Gulf’s most well established Financial Services centre, with the sector contributing over 27% to national GDP.  
 

TheEDB itself has the responsibility for creating the right climate to attract foreign investment and is leading the process of Bahrain’s Vision 2030 under the guidance of His Royal Highness Prince Salman Bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the EDB.  The plans are designed to support further diversification of the economy – already the most diversified in the Gulf with more than 86 percent being non-oil related – and ultimately elevate national living standards by creating greater opportunities for Bahrainis.

Shaikh Mohammed is joined by members of the EDB’s Business Development team including Director, Vivian Jamal.  The delegation includes: Rose Sager, Trade Representative, Embassy of Bahrain; Dr Ahmed A. Ghani, VP Enterprise & Human Capital Development, Tamkeen; Damien Balmet, VP Corporate Development, Mumtalakat and Brian Cogan, Project Director at the Bahrain International Investment Park. 

Leading figures from Bahrain’s private sector have also joined the delegation including, Hamid Al Zayani, Chairman, Al-Zayani Investments; Sameer Nass, Vice Chairman & Managing Director, Nass Group; Adel Al Aali, Director, Haji Hassan Group; Adel Al Safar, Bahrain Chamber of Commerce & Industry; Khalid Al Zayani, Co-Chair, US-Bahrain Business Council; Khalid Al Amin, Director, Ali Rashid Al Amin Co and Jehad Amin, Managing Director, House of Travel.

To see the news : www.bahrainedb.com