Joint business council opens in Washington

Gulf Daily News

Joint business council opens in Washington

11 September 2006

MANAMA: US Ambassador William Monroe yesterday announced the inauguration of a Bahraini-US Business Council in Washington on Thursday under the patronage of Bahraini Ambassador Nasser Al Balooshi.

The launch of the council is an indication of US interest in developing its ties and investment with Bahrain, Monroe said, noting that economic and trade co-operation have become, with the FTA implementation last August, stronger than ever.

Bahrain’s signing of the FTA indicates the existence of a competitive economy, flexible investment environment, developed investment regulations and advanced trade sector in addition to intellectual property protection and an outstanding infrastructure capable of attracting foreign investors with confidence, he said.

The US ambassador added that the FTA mirrored the US administration’s trust in the Bahrain and the confidence of us investors in the adequacy of launching investment ventures in Bahrain and the region in general in the light of the flow of international capital and soaring oil prices.

He said the choice on Bahrain to be a US economic partner through the FTA comes Bahrain’s efforts in developing its economic sectors, reinforcing competitiveness of its products, creating an investment friendly-environment and the flexibility of its trade, legislation and economic systems.

Mr Monroe stressed that the FTA would attract investments to Bahrain and reinforce the kingdom’s trade status in the region.

The FTA will reinforce the competitiveness of Bahraini products and improve their quality due the advanced technology to be brought and the advanced expertise to be used and help them enter the largest world markets, he said, listing the advantages of the FTA including exemption of goods from custom fees and easing their entry to markets.

Mr Monroe called on US companies to invest in the kingdom which enjoys a wide range of investment opportunities, strong banking sector, flexible legislations, protection of trade and intellectual property rights.