MANAMA: Thai business owners have been invited to take advantage of business-friendly Bahrain as normalcy is restored in the post-pandemic stage.
Bahrain Chamber of Commerce and Industry (BCCI) chief executive Shaker Al Shater made the call during his keynote address at a hybrid-virtual business matching event that featured Bahraini business owners and their Thai counterparts from sectors that included organic food, hotel supplies, and beauty, spa and wellness products.
“Thai business owners should look at investment and partnership opportunities, and benefit from the ecosystem offered by Bahrain to foreign investors,” he said underlining the kingdom’s favourable business laws and policies including the updated bankruptcy law, the ease of starting a business using the Sijilat platform and the fact that Bahrain allows 100 per cent foreign ownership of companies in most sectors, its strategic location giving access to the $1.5 trillion GCC market, its pioneering standing as a financial hub, and its advanced transportation and telecommunications infrastructure.
Thai investors will find incentives already in place for the private sector, along with cost-competitiveness and economic freedom, said Mr Al Shater.
Talking about the extensive co-operation between the two nations at all levels, he said 12 agreements and 17 memoranda of understanding have already been signed bilaterally.
Mr Al Shater also spoke about the economic challenges that came as a result of the coronavirus pandemic and the lockdown and containment measures, stressing the need to capitalise on technological advancements and innovation.
The private sector in Bahrain remains keen to reinforce liaison with its Thai counterpart, and the Bahrain chamber remains ready to facilitate and support all endeavours that aim at invigorating business between both sides, he added.
The event, which saw participation from 50 well-known businesses, was inaugurated by Thai Ambassador Thanis Na Songkhla, with participants including Vixma Global CEO Kritbodee Ruengrujira and Economic Development Board’s political, economic and media section officer Nazer Fadol.
Sudsiam Poy, the CEO of Sudsiam Consultancy and Siam Pavilion Services that organised the meeting via the Vixma platform, said, “Despite the negative impact of Covid-19 on business around the world, the Thai community in Bahrain and business leaders from Thailand continue to bolster economic ties with Bahrain.”
“This would not have been possible without support from Mr Songkhla, Bahrain’s Ambassador to Thailand Ahmed Al Hajri, the Bahrain Chamber of Commerce and Industry and other government agencies from the two countries,” she added.
Mr Songkhla also inaugurated Thai Wara in Adliya, a distributor of SME products from Thailand, and joined Shaikh Daij bin Isa Al Khalifa, the chairman of ASEAN Bahrain Council (ABC) and Ms Poy, who is also the president of the Thai Club, in a visit to the upcoming Thai Mart organised by the project’s Bahrain senior consultant Maher Al Mafoodh.
The visit featured discussion on opportunities for future collaboration to enhance the trade between Thailand and Bahrain, especially the promotion of Thai products in Bahrain.
Currently under development, Thai Mart Bahrain is a 6,700sqm shopping centre with around 200 shops as well as leisure areas and a medical centre.
As per the latest available data, imports from Thailand to Bahrain increased 52pc year-on-year in 2018, with a value of more than $285 million, while Bahraini exports to Thailand increased 18pc to $70m.
Thailand ranks 15th among Bahrain’s trading partners and 16th among importers of Bahraini products, whereas Bahrain ranks as Thailand’s 65th-biggest trading partner in the world market and ninth-largest trading partner in the Middle East.
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.
In September last year, Tamkeen signed a memorandum of understanding with Office of Small and Medium Enterprises Promotion of Thailand to foster collaboration in the entrepreneurial landscape in Bahrain and Thailand.
Under the agreement, Bahrain and Thailand will jointly study opportunities to promote entrepreneurial and start-up ecosystems as well as develop frameworks and roadmaps that support companies and entrepreneurs to grow and expand.
avinash@gdn.com.bh
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