Bahrain, Russia sign agreements to promote stronger economic partnership

Moscow, Apr. 28. (BNA) -- A high level business delegation from the Kingdom of Bahrain visiting Moscow, Russia, has today announced that it will be signing a number of MOUs between key business organisations in both countries. The delegation’s visit coincides with an official state visit led by His Royal Highness Prince Salman Bin Hamad Al-Khalifa, the Crown Prince of Bahrain, First Deputy Prime Minister and Chairman of the Bahrain Economic Development Board (EDB). During the visit the Government of Bahrain announced revising visa policies for Russian citizens traveling to the Kingdom of Bahrain, with the aim of encouraging business and trade between the two countries, which reached $134 million in 2011. Simultaneously, Gulf Air, the national carrier of Bahrain, announced the launch of a new direct route from Moscow to the Kingdom. This announcement is in response to growing demand from businesses wishing to travel between Russia, Bahrain and the GCC. Mumtalakat, the investment arm of the Kingdom of Bahrain, will sign an MOU with the Russian Direct Investment Fund. The agreement will see greater investment cooperation between the two funds, and exchange of information which is of mutual benefit in areas of common interest between both parties. H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, said: "The agreements to be signed this week build on Russia and Bahrain’s already valued economic relationship and put in place the foundations that will enable us to work together more closely in the future. In particular the relaxing of visa requirements for Russian business people and the new direct Gulf Air route from Moscow demonstrates our commitment to continually improving the ease with which business can be done between our two countries. "Russia and the GCC are both leading growth markets with extensive expertise and opportunities in industries from oil and gas to financial services – there are strong prospects for more investment in the future." The delegation will attend the Bahrain-Russia Business Forum in Moscow on Tuesday 29th April, organised by the Bahrain Economic Development Board, the Bahrain Ministry of Industry and Commerce, the Bahrain Chamber of Commerce and Industry, the Russian Direct Investment Fund, the Russian-Arab Business Council, the Russian-Bahrain Business Council and the Vnesheconombank (VEB) to boost investment between the two countries through a number of plenary sessions and one-to-one meetings with private sector business leaders. Bahrain and Russia have a longstanding bilateral economic relationship strengthened by growing trade, which reached over $130 million in 2011. W H Q