Deputy Premier stresses solid relations with Russia

St. Petersburg, June 19 (BNA): On behalf of His Majesty King Hamad bin Isa Al Khalifa, Deputy Prime Minister Shaikh Mohammed bin Mubarak Al Khalifa attended the main session of the 19th St. Petersburg International Economic Forum held in Russia on June 18-20. Addressing the forum, the Deputy Premier described Bahrain's participation as an embodiment of strong relations between HM the King and the Russian President. He pointed out strong ties binding both countries for more than 25 years which are based on mutual respect and joint cooperation. He added the two historic visits of HM the King to Russia in December 2008 and October 2014 had positive results in boosting cooperation between the two friendly countries by concluding many agreements and memoranda of understanding. The Deputy Premier affirmed that Bahrain's participation in the 19th edition of the forum stems from its interest in the issues on its agenda and keenness to take part in mapping out solutions to them. He said Bahrain has always been an active gateway for trade and communication between civilisations. "It has contributed to laying bridges of cooperation and communication between the region and the European Continent thanks to the ability of the Bahraini people to adapt quickly to contemporary changes," he asserted, pointing out the kingdom's advanced, transparent and attractive organisational and legislative systems. The Deputy Prime Minister underlined Bahrain's attractive investment climate, pointing out a 5% economic growth of the non-oil sector and more than 400 financial institutions which turned Bahrain into a financial hub. He noted that the kingdom enjoys a strategic location as a gateway to the GCC countries given its direct link with the eastern region of Saudi Arabia. The Deputy Premier said the economic combined volume of the GCC countries is more than $1.6 trillion and it is hoped it will reach $6 trillions by 2020. He added that the Free Trade Agreement (FTA) signed by Bahrain and the USA has positively affected the flow of trade lines with the GCC countries, especially with freedom of ownership in Bahrain topping 100% in most trade sectors. Within the framework of the kingdom's infrastructure development plans, the Deputy Premier said investments would reach around $24 billion in housing, telecommunication, transportation, energy and diversification of revenues projects. He affirmed that Bahrain is considered nowadays as one of the advanced countries in the field of investment, ranking 18 internationally according to a report by Heritage Foundation and first regionally in 2014 according to the Economic Freedom Index. The Deputy Premier also emphasised Bahrain's potentials to lead the growing Islamic econom, pointing out the kingdom's endeavours to become a pioneering regional hub for funding trade and construction thanks to its strong relations with many friendly countries and readiness to cater for the growing needs of the trade movement in rising markets and boost cooperation with the rest of the world. The Deputy Prime Minister underscored Bahrain's keenness to bolster investment cooperation with Russia through Mumtalakat Holding, pointing out the kingdom's keenness to avail of cutting edge technologies mainly in the financial and economic services sector. The Deputy Premier expressed the significance of investing in human resources, considered as the real assets for Bahrain, stressing that the national labour force accounts for 80% of the total work force in the financial sector. He also asserted the kingdom's key role in promoting the global economy, being part of the GCC entity, as well as its effective contribution to maintaining global peace and security and fighting all forms of extremism and terrorism. ahrain's delegation comprises Industry and Commerce Minister Zayed Rashid Al Zayani, Information Minister Isa Abdulrahman Al Hammadi, Chief Executive of Mumtalakat Holding Mahmood Al Koohaji and Chief Executive of the Economic Development Board (EDB) Khalid Amrou Al Rumaihi.