Bahrain to raise trade exchange volume with Egypt to $1 bln next year: Bahraini finance minister

Ahram Online , Thursday 30 Jun 2022

Bahrain’s Finance and National Economy Minister Sheikh Salman bin Khalifa Al-Khalifa said on Thursday that the economic efforts taking place between Egypt and Bahrain aim to boost the volume of trade exchange between Bahrain and Egypt to $1 billion in 2023.

Bahraini finance minister


Al-Khalifa’s remarks came during a press conference held in Manama with Egypt’s Minister of Planning and Economic Development Hala El-Said, on the sidelines of President Abdel-Fattah El-Sisi's visit to Bahrain.

The Bahraini finance minister added that next year’s goal came after the notable increase in the volume of trade exchange to $800 million by the end of 2021.

He noted that the economic cooperation between the two countries could double the capital of investment companies in Egypt, stating that the total capital of 216 Bahraini investment companies is around $3.3 billion.

He emphasised that the shares of Bahraini banks based in Egypt reached $8 billion, expecting this value to be boosted amid the economic and trade cooperation between the two sister countries.

For her part, El-Said said that the cooperation in the investment sector between the two countries is witnessing significant evolution, saying that there are a number of investment opportunities that could increase.

She added that Bahrain is in the 16th biggest investor in Egypt, pointing out that the Bahraini investment companies are working in industrial, financial and tourism and construction sectors. Meanwhile, there are Egyptian companies seeking to take part in various development projects in Bahrain.

She asserted that Egypt is keen to expand participation of the Egyptian private sector as well as attract foreign companies to boost the Egyptian economy, which is part of the National Economic Reform Programme which the Egyptian state launched in 2016.

She noted that the investment climate in Egypt has grabbed the attention of foreign investors, as the Egyptian government offered bonuses throughout Egypt's new investment law, such as the so-called “golden license” which supports industry localisation and environmentally friendly projects.

President Abdel-Fattah El-Sisi arrived in Manama on Tuesday and on Wednesday he and Bahraini King Hamad bin Isa Al-Khalifa witnessed the signing of several agreements and memorandums of understanding (MoUs) in various domains, according to the Egyptian presidency.

The MoUs cover the fields of science, technology, education, and logistics, among others.

Bahrain is El-Sisi’s second stop in his Gulf tour, which started on Monday with a two-day visit to Oman where he met Sultan Haitham bin Tarik. The two leaders stressed that the security and stability of Yemen are of maximum importance within the framework of security of the Arab region and Red Sea states.

The volume of trade between Egypt and Bahrain recorded $917.2 million in 2021, according to Egypt’s Central Agency for Public Mobilisation and Statistics (CAPMAS), up from $401 million in 2020, a 128.7 percent increase.

Egyptian exports to Bahrain reached $450.7 million in 2021 up from $139.3 million in 2020, a 223.5 percent increase whereas the Bahraini exports to Egypt reached $466.5 million in 2021 compared to $261.7 million last year.

Bahrain’s investments in Egypt stand at $3.2 billion through 216 projects, according to the Bahraini ambassador to Cairo in June 2021.

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