Bahrain Chamber explores economic & trade cooperation with Russia

By Shilpa Annie Joseph, Official Reporter
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Bahrain Chamber of Commerce and Industry (BCCI) has discussed ways to strengthen economic and trade ties with Bahraini-Russian Friendship and Business Society’s Chairman Dr. George Al-Zuraikat, and Vice-Chairman Mr. Anatoly Mitrochin.

During the meeting, Bahrain Chamber’s First Deputy Chairman Mr. Khalid Mohammed Najeebi stressed strong economic relations with Russia.

The meeting was also attended by the Ambassador of the Kingdom of Bahrain to the Russian Federation Mr. Ahmed Abdulrahman Al-Saati.

According to the statement, “The two sides stressed the importance of boosting the volume of investments between the private sectors in both countries, and stressed mutual keenness on strengthening economic cooperation and bolstering shared interests, towards boosting trade exchanges.”

Mr. Najeebi further highlighted Bahrain’s strategic geographic location as the gate to the Arabian Gulf and North Africa for Russian-made products.

The Chairman of the Bahraini-Russian Friendship and Business Society hailed the chamber’s pivotal role in supporting the private sector in the Kingdom of Bahrain and promoting economic partnership between both countries.

Earlier this year, BCCI reported that Bahrain’s economy will grow by 3.1 percent in 2022. The chamber further outlined that the crude oil and natural gas sector is the ‘largest’ contributor to the Gross Domestic Product (GDP) of Bahrain at 18.53 percent.

According to BCCI’s Center for Studies and Initiatives report, the GDP contribution of finance and insurance will be 17.89 percent and manufacturing will be 14.07 percent.

The report noted that Bahrain ranked ahead of all other GCC countries in the 2021 Economic Freedom Index published by Fraser Institute, and is the least risky country in the Arab region for money laundering for the second year in a row on the Basel AML Index.

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