Bahrain business delegation concludes China visit

Manama, Sept. 16 (BNA): A high level Bahrain business delegation, organised by the Economic Development Board (EDB), has concluded a successful ten day roadshow to China with an Invest in Bahrain Forum held in Beijing. The delegation’s visit resulted in the signing of 15 agreements with Chinese businesses and trade organisations, further strengthening economic and trade ties between the two countries. The latest visit builds on the historic visit to China by His Majesty King Hamad bin Isa Al-Khalifa in September 2013. In 2014, an EDB business delegation visited China and 13 agreements were signed between leading government and private sector organisations from both countries to promote closer economic ties. In Beijing, six agreements were signed between the members of the Bahrain delegation and Chinese companies: The EDB and Baoshang Bank signed an MoU as the bank is looking to establish their regional headquarters in the Middle East with the EDB’s support. The Bank provides financial solutions in key sectors, is dedicated to SME financing and has an "A" level credit rating in China, with total assets of US$97 billion. The EDB signed an MoU with the China Arab International Exchange Centre. The agreement looks to establish a general cooperation framework between the two parties, to promote stronger economic relations between China and Bahrain. The EDB and the China Arabia Economic Cultural Exchange Association (CAECEA) signed an MoU to promote investment opportunities in a number of sectors including infrastructure construction, financial services, manufacturing and energy, amongst others. Projects Construction Company W.L.L signed an MoU with CMEC, to encourage the exploration of development and construction opportunities in the Kingdom. CMEC will provide project finance while Projects Construction Company will represent the joint venture locally and act as the main contractor for construction projects in Bahrain. Chinamex signed two MoUs during the Forum in Beijing. The first was with Henan Lotus Flower Company, one of the largest food ingredients manufacturers in China in preparation for the opening of the Bahrain Dragon City later this year. The second agreement was signed with xbniao.com, to provide logistics services for Bahrain Dragon City The Bahrain-China Business and Trade Forum, organised by the EDB in cooperation with the China Council for the Promotion of International Trade (CCPIT), included speeches by Mr. Khalid Al Rumaihi, Chief Executive of the EDB and HE Dr Anwar Al-Abdulla, the Ambassador of the Kingdom of Bahrain to China. The forum also featured a panel discussion on the Kingdom’s business environment, moderated by Ms. Vivian Jamal, Executive Director of Marketing and Communications at the EDB. Panellists included: Mr. Hamid Al Zayani, Founder and Partner of Al Zayani Investments; Mr. Osama Al Khaja, Head of Project Development at Kuwait Finance House (Bahrain); Mr. Mohamed Al Kooheji, Director of AJM Kooheji; and Mr. Chai Xin, Public Relations manager at Huawei Bahrain. Over the course of the 10 days, the delegation visited a number of major commercial centres in China including the province of Xiamen and the capital city Beijing. In each location, Bahraini business executives and Government representatives conducted meetings with Chinese officials, private sector leaders and Chinese businesses looking to access the Gulf market. In addition, the delegation took part in the China International Fair for Investment & Trade (CIFIT), at which Bahrain was the first country in the Middle East to be guest country of honour. The Bahrain Pavilion at CIFIT showcased Bahrain’s open business environment, investment opportunities and the advantages Bahrain offers Chinese and other international investors. The Bahrain Pavilion was organised by the EDB in cooperation with strategic partners Tamkeen, UNIDO, Bahrain Airport Company, ALBA, Batelco, National Bank of Bahrain (NBB), Kuwait Finance House, and Al Salam Bank. Chinese companies Huawei and Chinamex also participated while Bahraini SMEs representing sectors including manufacturing, ICT and tourism, amongst others, were also featured. Members of the delegation also participated in the China-Arab States Expo, the biennial gathering between China and Arab countries, in Yinchuan, the capital of the Ningxia autonomous region. Agreements signed during the visit to Xiamen and Ningxia include: Two letters of intent signed between the EDB and Chinese companies, Jinlou Water and World Wide Logistics, announcing plans to establish operations in Bahrain to access the fast-growing Gulf market. The EDB also signed two MoUs with China International Investment Promotion Centre- Xiamen and the China Council for the Promotion of International Trade (CCPIT- China), aiming to further strengthen trade ties and bilateral cooperation between Bahrain and China. An agreement was signed between the Bahrain Chamber of Commerce and Industry (BCCI) and the China Council for the Promotion of International Trade – Fujian (CCPIT-Fujian), to enhance bilateral cooperation Bahrain Businesswomen’s Society and the Xiamen Association of Women Entrepreneurs signed an MoU which will establish a practical framework for cooperation for the empowerment and entrepreneurship of businesswomen in the private sector in the Kingdom of Bahrain and Xiamen. Chinamex also signed three MoUs, in addition to the agreements signed during their visit to Beijing, to provide logistic services to the Bahrain Dragon City, which will open later this year. The agreements signed with Fujian Quanzhou Dragon City Import & Export Trading Company, Beijing Dragon Commerce Company, and China Dragon Mart Information Technology Company, will provide Dragon City with import and export services, and the building of an online sales network and the provision of e-commerce services for the tenants. Mr. Khalid Al Rumaihi, Chief Executive of the EDB, commented on the conclusion of the roadshow: "This has been an extremely successful visit, as demonstrated by the announcement that three Chinese businesses will look to establish operations in the Kingdom and the large number of MoUs signed between influential public and private sector Bahraini organisations and their Chinese counterparts. "Huge opportunities can be made possible by closer cooperation between China and the GCC, two of the world’s fastest growing emerging markets. Bahrain has some of the most competitive operating costs in the region, minimal restrictions on foreign investment and ownership and a tried and tested regulatory environment, all of which has created a highly favourable environment for international businesses. The EDB looks forward to assisting many more Chinese companies to set up in Bahrain and take advantage of the benefits on offer here." The delegation held high level meetings with Chinese government officials including Fujian Governor Mr. Su Shulin, Shenzhen Governor Mr. Xu Qin and Vice Mayor of Xiamen Madam Ni Chao. They also met with high ranking officials from leading Chinese companies including Air China, China Investment Cooperation, Guangzhou Automobile Cooperation (GAC), China Equity and China Machinery Engineering Cooperation (CMEC), amongst others. Further, Bahrain welcomed around 10 million visitors in 2014- leading to considerable potential in the retail and hospitality industries. The Bahrain Dragon City, a Chinese-themed shopping mall operated by Chinamex that will host 500 Chinese businesses, will launch by the end of this year and represents the first large-scale retail project undertaken by a Chinese company in the Kingdom. Bahrain also hosts the Middle East headquarters of Huawei and was host to the Bank of China’s first-ever Middle East office, the first time a Chinese bank established operations in the region. Other leading Chinese companies with offices or facilities already established in Bahrain include: China Harbour Engineering Company Ltd; China CommService; Beijing Jangho Curtain Wall Co. Ltd; Daily Wealth Limited; Wuhan Lingyun Building Decoration Engineering Co; and CPIC.