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Embassy of Bahrain in Kuala Lumpur and Bahrain EDB Collaborate to Promote Investment Opportunities in Joint Initiative

ByE NEWSJune 8, 20232 Mins read340

KUALA LUMPUR, 8th June 2023 – The Embassy of the Kingdom of Bahrain in Kuala Lumpur and the Bahrain Economic Development Board (Bahrain EDB) have joined forces in a collaborative initiative to promote investment opportunities in Bahrain. In addition to fostering economic growth and strengthening bilateral relations between Bahrain and Malaysia, the collaboration comes as part of a series of targeted initiatives that seek to further profile Bahrain’s value-adding investment landscape, which is well-poised to attract both local and international investors owing to a robust investment value-proposition.

In a luncheon held to commemorate this initiative, Mr. Rashad Alshaikh, Chargé d’Affaires of the Embassy of the Kingdom of Bahrain in Kuala Lumpur, welcomed esteemed guests from key Malaysian trade and investment entities across several provinces.

Among the notable attendees at the luncheon were Mr. Michael Chai, Secretary General of the National Chamber of Commerce and Industry of Malaysia (NCCIM); Dato’ Dr. Fouad Hayel Saeed, Managing Director of Pacific Inter-Link Sdn Bhd (PIL Group); Dato’ Andrew Goh Boon Kim, Exco Member of NCCIM; Mr. Shaun Edward Cheah, Executive Director of the Malaysian International Chamber of Commerce (MICCI); Mr. Lee Koh Yung, Chairman of the Domestic Commercial Affairs Committee in the Malaysia-China Chamber of Commerce; Professor Hashim Bin Saleh, President of the Kuala Lumpur International Chamber of Commerce (KLICC); Mr. Sriram Iyer, GM& COO of Pacific Inter-Link Sdn Bhd (PIL Group);and
Mr. Hambali Bin Mukhlas, Chairman of the International Business Committee of NCCIM.

During the luncheon, Mr. Rashad highlighted the prosperous economic and trade relations between the Kingdom of Bahrain and Malaysia in recent years. He cited the development growth in non-oil trade, which reached USD 251.4 million in 2022. Bahrain’s total imports amounted to USD 88 million, with Bahrain’s total exports reaching USD 163.4 million.

“Malaysia is considered the 27th largest import market and the 20th largest export market for Bahrain,” stated Mr. Rashad, adding: “The two countries are determined to expand trade across a wide range of sectors, including energy, Islamic finance, infrastructure, and halal commodities. Bahrain sees Malaysia as a strategic location in the heart of Southeast Asia’s market, with 676 million citizens, offering commercial opportunities for companies to expand their regional and global supply chains and operations.”

Looking ahead to 2024, Mr. Rashad expressed anticipation for the celebration of the 50th anniversary of diplomatic relations between the Kingdom of Bahrain and Malaysia. He emphasized that this milestone presents an opportunity to enhance the relations between the two countries and strengthen cooperation in the fields of economics, culture, science, education, and tourism.

On the sidelines of the luncheon, Mr. Aurelio Castilla, Senior Executive of International Offices, at Bahrain EDB presented a webinar titled “Invest in Bahrain”, where he shed light on the uniquevalue proposition of Bahrain, highlighting key differentials thatsolidify itsstanding as the ideal destination for investment. The webinar focused on the high-yielding opportunities for profit available for businesses, where Bahrain is home to a favourable tax climate with 0% corporate tax, 100% foreign ownership in most sectors with no free zone restrictions, and competitive operating costs; backed by insight from a workforce that combines highly skilled, bi-lingual, driven Bahraini nationals alongside a diverse expat talent pool offering a global perspective.

The ‘Invest in Bahrain’ webinar additionally highlighted the success of the ‘Team Bahrain’ approach, which celebrates government bodies working closely together, in step with the private sector and in dialogue with business, to create an innovative environment that breeds local success stories with global impact by connecting investors to decision makers that matter.

Bahrain has demonstrated success in further diversifying its economy away from oil in line with the diversification efforts set under the Economic Recovery Plan (2021), which reprioritised the economy with a focus on the following sectors: Financial Services, Manufacturing, Logistics, ICT and Tourism. As of 2022, Bahrain’s financial services contribution stands at 17.5%, with oil & gas representing 16.9%, and manufacturing 14%.