MANAMA: Thailand and Bahrain could take advantage of each other’s prime location as business gateways to access huge untapped markets, a top minister has said.
Thailand’s Commerce Minister Sontirat Sontijirawong told a business forum at the ART Rotana Hotel, Amwaj Islands yesterday that whilst the Bahrain side could be a gateway to the Thai side to Middle East, North Africa, South and Central Asia, Thailand is strategically positioned at the centre of mainland ASEAN and can act as the gateway to trade and investment for the region and beyond, especially for raw and processed seafood.
The Bahrain-Thailand Business Forum organised by Bahrain Chamber of Commerce and Industry (BCCI) in partnership with the Industry, Commerce, and Tourism Ministry and the Embassy of Thailand was attended by more than 200 business leaders and government officials from the two countries.
According to Industry, Commerce and Tourism Minister Zayed Alzayani, such events would not only help to advance the goal of enhanced bilateral relations between the two countries, but also further cement the close trade and commercial ties.
“The two kingdoms have a long-standing relationship, attested by growing visits at top official and private sector levels, in addition to the various co-operation agreements and MoUs. I am certain that such business matching sessions will be fruitful and create linkages between our two business communities,” Mr Alzayani said.
Also present was BCCI chairman Sameer Nass, who said he was looking ahead to further growth in bilateral and sustainable collaboration between the two countries in trade, investment, culture and tourism.
Citing data from the Information and eGovernment Authority (iGA), Mr Nass said the value of bilateral trade between Bahrain and Thailand was $249 million in 2017 as against $241m by the end of 2016.
Moreover, there are 26 companies registered in Bahrain with partners from both countries covering a wide range of business activities, including food and beverage, perfumery, constructions and others, he said.
Bahrain is considered an ideal business and investment destination, for it is one of the freest economies in the region, with a comprehensive investment law, and advanced infrastructure, added the BCCI chairman.
“It offers a spectrum of advantages such as allowing 100 per cent foreign ownership of business assets and real estate in most sectors.
“Though small in scale, Bahrain is considered the gateway to the largest market in the region, Saudi Arabia, in addition to GCC and neighbouring countries.”
According to a report in Bangkok Post, Bahrain ranks as Thailand’s 65th-biggest trading partner in the world market and ninth-largest trading partner in the Middle East.
Thai exports to Bahrain amounted to $55.91m last year and for the first four months of this year, two-way trade totalled $87.53m, up 16.8pc year-on-year.
Key Thai exports to Bahrain are gems and jewellery, steel products, air compressors, machines and parts, refrigerators and freezers, washing machines, plastic pellets, and other plastic products.
The Thai delegation that took part in the forum comprised a number of business owners representing sectors such as advertising, media and digital TV; curtain and blinds; food trading; jewellery; management consulting; business advisory and business incubators; textile; health technology; beauty, cosmetics, and skincare; investment; wellness and pharmaceuticals.
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