Bahrain-Russia trade reaches $1m

27/04/2016 08:01 AST

Bilateral trade between Bahrain and Russia reached $1 million in January alone. The figure was revealed during a Bahraini-Russian Business Forum that was held yesterday at the Bahrain Chamber of Commerce and Industry (BCCI), Sanabis, and is part of a series of events held to welcome St Petersburg Governor Georgy Poltavchenko and his delegation.

BCCI second deputy chairman Abdulhameed Al Kooheji pointed out that Bahrain offers an optimum environment for investments, given its zero-taxation-private-company policy.

“You can have 100 per cent foreign-owned company, not to mention that we are a tax-free country and we encourage all businesses to come to Bahrain,” he said during the forum.

“There is no difference between Bahrain businesses and foreign-owned businesses. They are all treated the same and all enjoy the same benefits.

“So please use Bahrain as a hub for your companies, because we are very close, we have several benefits and we are the biggest market across the waters which is only 12km away.

“We have very good and modern rules and regulations, good governance, a very qualified workforce and good bankers as we are a banking hub, specially in Islamic banking.” Bahrainis have also been encouraged to invest in Russia.

“We at BCCI will do our best to encourage Bahraini businesses to go to St Petersburg and Russia. I believe that there is a very good relation between both the countries that we have to bank on and build upon.”

Investments in St Petersburg increased 10 times over the last 10 years, according to the delegation. In 2015, taxes for investors were reduced by 13pc.

Also present at the forum were Capital Governor Shaikh Hisham Al Khalifa, BCCI board member Jawad Al Hawaj and Russian Ambassador Vagif Garaev.

Gulf Daily News