A mutual investment protection and encouragement agreement drafted by the government was unanimously approved by the Shura Council during its weekly session yesterday.
It has been referred to His Majesty King Hamad for ratification.
During a discussion on the issue, Shura’s financial and economic affairs committee chairman Khalid Al Maskati wondered if the government had done an analysis of the benefits of such agreements in the short, medium and long run.
“We seek to know what benefits such agreements will have on the financial sector and people’s lives in general,” he said.
Protection
In response, Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa told the upper chamber of the National Assembly that Bahrain had signed 38 mutual investment protection agreements with a number of countries.
Spotlighting trade between Bahrain the UAE, he said the kingdom’s exports to the emirates exceeded $1 billion annually with an equal amount in imports.
However, Shura member Abdulla Al Nuaimi said that the government should look into equal treatment for investments in both countries.
Meanwhile, two statements on the 57th anniversary of the BDF and Arab Woman Day were read out by Shura’s secretary-general Kareema Al Abbasi.
Members were also notified of two replies by Industry and Commerce Minister Abdulla bin Adel Fakhro on questions regarding delivery services and holding companies.
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