This morning, the Embassy of the Republic of Korea to the Kingdom of Bahrain organized the seventh Bahraini Economic Forum, in cooperation with the Ministry of Industry and Trade, the Economic Development Council, the Bahrain Chamber of Commerce and Industry, and the Bahraini Korean Friendship Association, with the participation of more than 100 personalities from various sectors in the two countries, from the public and private sectors, at the Radisson Diplomatic Hotel.
In his welcoming speech, His Excellency Mr. Hunsang Ko, the Ambassador of the Republic of Korea to the Kingdom of Bahrain, shed light on the Kingdom of Bahrain’s continuous efforts in economic diversification, praising the economic environment friendly to trade and investment, describing it as a gateway to the Middle East and North Africa.
He pointed out that the agreement to encourage and protect the investment, signed between Korea and Bahrain last year, which currently reached its final stage of completing the local procedures for their entry into force, will provide companies with a safer and stable environment, which enhances the economic partnership between the two countries.
For its part, His Excellency Mrs. Iman Ahmed Al -Dossary, Undersecretary of the Ministry of Industry and Trade, confirmed that the forum represents an important station in the march of bilateral cooperation between the Kingdom of Bahrain and the Republic of Korea, because of the effective platform it provides to enhance trade and investment opportunities, and expand the prospects for economic partnership between the two sides.
She pointed out that the Bahraini -Korean relations witnessed a steady growth over the years in various sectors, stressing that the official Bahraini delegation’s visit to Seoul in May 2023 revealed wide capabilities for investment cooperation, especially in the areas of innovation, technology and entrepreneurship, which reflects the joint trend towards building long -term strategic partnerships.
She concluded her statement by emphasizing the importance of taking advantage of the momentum witnessed by the forum, by strengthening the channels of public and private communication, and exploring more opportunities that contribute to supporting economic growth and achieving sustainable development, which reflects positively on the two friendly countries.
In a related context, Mr. Mohamed Abdel -Jabbar Al -Kooheji, the second deputy chairman of the Bahrain Chamber of Commerce and Industry, explained that the forum constitutes an effective platform to discuss strategies for diversifying economic cooperation, especially in light of the trend towards the development of promising sectors such as life sciences, health care, tourism, education, financial services, and car industry, stressing that trade exchange between the two countries exceeded 458.7 million US dollars In 2024, an increase of 15% over the previous year.
He pointed to the importance of the free trade agreement between South Korea and the countries of the Cooperation Council for the Arab States of the Gulf, which contributes to facilitating the movement of trade exchange and achieving mutual benefits, pointing out that the Kingdom of Bahrain is characterized by an attractive business environment that includes the absence of taxes on companies and capital profits in most sectors, in addition to allowing foreign ownership and the ease of establishing companies.
Al -Kooheji stressed the role of the Bahrain Chamber of Commerce and Industry in supporting the national economy by strengthening the public and private sectors, and providing quality services to business owners such as legal consultations, market research and training programs, expressing his confidence that the forum will contribute to achieving fruitful results that support development paths in the two countries.
For his part, Mr. Ahmed bin Hindi, President of the Bahraini Businessmen Association, pointed to the positive results achieved by the previous forum held in the Korean capital Seoul, where the participants enabled the building of direct relations and exploring new opportunities in the two markets, stressing that these meetings enhance the spirit of cooperation and establish the foundations of a sustainable strategic partnership.
He explained that the trade exchange between the two countries ranged between 400 and 650 million US dollars during the past years, with great opportunities to expand in vital areas such as financial technology, renewable energy, vital technologies, artificial intelligence, and smart manufacturing, stressing the importance of the free trade agreement between the Cooperation Council and the Republic of Korea, which would open broader horizons for growth and facilitate access to markets.
He called on individuals and institutions to join the Bahraini -Korean Friendship Association and participate in pushing the bilateral cooperation towards broader horizons, stressing that Bahrain, thanks to its strategic location and its attractive investment environment, is an ideal gateway for Korean institutions wishing to expand in the region.
The Bahraini -Korean Economic Forum has been held every two years since 2017, alternating between Korea and Bahrain. With the participation of business leaders and government agencies from both countries, the forum aims to expand trade and bilateral investment and enhance economic cooperation.
In its seventh edition, the forum provided a valuable opportunity to review the development of bilateral economic relations and explore new opportunities for cooperation, especially in the fields of information and communication technology, smart agriculture, Korean beauty, and food.
It is worth noting that this year’s forum witnessed a much larger participation of Korean companies compared to previous years, which reflects the deepening of bilateral relations between Bahrain and Korea. He also attended by representatives of government agencies such as: Kotra Promotion and Investment Promotion Agency (KOTRA), the National Information Technology Promotion Agency (NIPA), Korea Food and Fish and Agricultural Resources Trade (AT), Korea Agricultural Technology Promotion (KOAT), along with leading companies such as CJ Enm, Korea Electric Energy Company, Busco International, and the company Disang, and other promising and promising companies.
